PART 2 and 3 of Final Exam—54 POINTS INSTRUCTIONS FOR TABLE 1 and Two Graphs-21 points1) Calculate the Total Cost (TC) for each level of output. (3 points)2) Calculate the Average Fixed Cost (AFC)...

PART 2 and 3 of Final Exam—54 POINTS INSTRUCTIONS FOR TABLE 1 and Two Graphs-21 points1) Calculate the Total Cost (TC) for each level of output. (3 points)2) Calculate the Average Fixed Cost (AFC) for each level of output. (3 points)3) Calculate the Average Variable Cost (AVC) for each level of output. (3 points)4) Calculate the Average Total Cost (ATC) for each level of output. (3 points)5) Calculate the Marginal Cost (MC) for each level of output. (3 points)Using the data from Table 1 draw two graphs:Draw a graph showing the Total Fixed Cost, Total Variable Cost, and Total Cost curves. (3 points)Draw a graph showing the Average Fixed Cost, Average Variable Cost, and Average Total Cost curves and Marginal Cost curve. (3 points)TABLE 1(1) (2) (3) (4) (5) (6) (7) (8)Total Total Total Total Average Average Average MarginalProduct Fixed Variable Cost Fixed Variable Total Cost Cost Cost Cost Cost Cost(Q) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (MC) 0 $100 0 $100 ______ 1 100 90 ______ ______ ______ ______ ______ 2 100 170 ______ ______ ______ ______ ______ 3 100 240 ______ ______ ______ ______ ______ 4 100 300 ______ ______ ______ ______ ______ 5 100 370 ______ ______ ______ ______ ______ 6 100 450 ______ ______ ______ ______ ______ 7 100 540 ______ ______ ______ ______ ______ 8 100 650 ______ ______ ______ ______ ______ 9 100 780 ______ ______ ______ ______ ______10 100 930 ______ ______ ______ ______ ______ INSTRUCTIONS FOR TABLE 2 and One Graph-11 points1) Calculate the Average Total Cost (TC) for each level of output. (2 points)2) Enter the Marginal Cost data from Table 13) Calculate the Profit (+) or Loss (-) and enter the data in column 7. (2 points)4) Indicate the level of output at which Profit will be maximized ______________. (2 points)5) Calculate the Total Revenue and Total Cost at this level of output. (2 points) Total Revenue $_________________ Total Cost $____________________6) Draw a graph with the Marginal Cost Curve, Marginal Revenue Curve, Average Total Cost Curve and Average Variable Cost Curve on the graph paper. (3 points)TABLE 2(1) (2) (3) (4) (5) (6) (7) Total Average Average Average Marginal Price= Total EconomicProduct Fixed Variable Total Cost Marginal Profit (+) Cost Cost Cost Revenue or Loss (-) (Q) (AFC) (AVC) (ATC) (MC) 0 1 $100.00 $90.00 ______ ______ $131 ______ 2 50.00 85.00 ______ ______ $131 ______ 3 33.33 80.00 ______ ______ $131 ______ 4 25.00 75.00 ______ ______ $131 ______ 5 20.00 74.00 ______ ______ $131 ______ 6 16.67 75.00 ______ ______ $131 ______ 7 14.29 77.14 ______ ______ $131 ______ 8 12.50 81.25 ______ ______ $131 ______ 9 11.11 86.67 ______ ______ $131 ______ 10 10.00 93.00 ______ ______ $131 ______ PART 3 OF FINAL EXAM—22 POINTSTABLE ON ORGANIZATION AND FINANCING OF BUSINESS (22 points) In the fill-in-the-blank boxes below you must put in the correct answers based upon the table that is in the lecture notes. Please DO NOT be creative. Please DO NOT use your own words. Use the exact language that is in the lecture notes. If there are problems, I will review answers. MAKE SURE THAT YOU FOLLOW THE NUMERICAL SEQUENCE OF THE ANSWERS, OTHERWISE YOUR ANSWERS WILL BE MARKED WRONG.TYPE OF FINANCING LENGTH OF LIABILITY WHO GETS WHO MAKES BUSINESS LIFE PROFITS? DECISIONS? PROPRIE- 1, 2 3 4 5 6TORSHIP PARTNER- 7-9 10 11 12 13SHIP CORPO- 14-18 19 20 21 22RATIONPROPRIETORSHIP FINANCING1.2.PROPRIETORSHIP–LENGTH OF LIFE (one word)3.PROPRIETORSHIP–LIABILITY (one word)4.PROPRIETORSHIP-WHO GETS PROFITS? (one word)5.PROPRIETORSHIP–WHO MAKES DECISIONS?6.PARTNERSHIP–FINANCING7.8.9.PARTNERSHIP–LENGTH OF LIFE10.PARTNERSHIP–LIABILITY11.PARTNERSHIP–WHO GETS PROFITS?12.PARTNERSHIP–WHO MAKES DECISIONS?13.CORPORATION–FINANCING14.15.16.17.18.CORPORATION–LENGTH OF LIFE19.CORPORATION–LIABILITY (one word)20.CORPORATION–WHO GETS PROFITS (six words)21.CORPORATION–WHO MAKES DECISIONS? (two words)22.