This is all the given information for each question. All question could be able to answer with the given information provide. Please explain or show work, if necessary. Thank you.

QUESTION 1 Determine if the following statements are True or False. 1. The average costs are composed of average variable costs plus average fixed costs 2. Average fixed costs always decline with output and average variable costs always increase with output. 3. The marginal cost curve lies below the average cost curve when average costs are decreasing and above when they are increasing. f""\\ a. Statement 1 is true, Statement 2 is true, Statement 3 is false. b. Statement 1 is false, Statement 2 is true, Statement 3 is true. c. Statement 1 is false, Statement 2 is false, Statement 3 is true. f""'\\ f"'\\ d. All statements are false f' 9. All statements are true QUESTION 2 Determine if the following statements are True or False. 1. Average fixed costs never increase with output. 2. Average total costs are always greater than or equal to average variable costs. 3. Average costs can never rise while marginal costs are declining \"f\" a. Statement 1 is true, Statement 2 is true, Statement 3 is false. 'f' b. Statement 1 is false, Statement 2 is true, Statement 3 is true. '5 0. Statement 1 is false, Statement 2 is false, Statement 3 is true. '5 d. All statements are false '5 e. All statements are true Q U E S T I O N 3 Let a rm have the following cost function: at) =4y3 5y2 4 what is the amount of y that minimizes the average variable cost function? Z QUESTION 4 Determine if the following statements are True or False. 1. The supply curve is defined by p = MC (y). 2. The supply curve is upward sloping. 3. In a competitive market a firm will set the price such that p = MC (y). f""'\\ a. Statement 1 is true, Statement 2 is true, Statement 3 is false. b. Statement 1 is false, Statement 2 is true, Statement 3 is true. c. Statement 1 is false, Statement 2 is false, Statement 3 is true. d. All statements are false f"'\\ f' f""\\ f""'\\ 9. All statements are true 0U EST I O N 5 Let a firm have the following average cost function: My) =4y2 5y If the price of y is set at 3200 and at this point the firm is producing 10 units of 3!. What is the firm's profit? S