Q 1. Use the attached document (Table 5-3) with cost and production data to: a. Generate the AFC, AVC and ATC values. b. Generate the Marginal Cost (MC) values. c. Use all of the above to construct a pertinent diagram. 2. From the same handout (Table 5-3) generate the values of the Marginal Product (MP) or Marginal Physical Product (MPP). 3. What are “economies of scope” and how are these different from “economies of scale”? 4. Can you make a case for a firm operating in the “diseconomies of scale” segment? Explain. 5. Suppose that we have multi-plant firms. Will it be possible for these firms to account for profit maximizing situations??? Explain. 6. Scrutinize the article by Oliver Williamson titled: “The Modern Corporation: Origins, Evolution, Attributes,” Journal of Economic Literature, Volume 19, Issue 4, 1981, pp. 1537-1568. This article can be very challenging, so read carefully. It can be retrieved from the Point Park online library. It is also available at the following link: “The Modern Corporation: Origins, Evolution, Attributes” Write a two-three page outline of the most important points raised by the author in the article. TABLE 5.3 Q TFC TVC TC AFC AVC ATC MC 0 100 0 1 100 50 2 100 90 3 100 120 4 100 140 5 100 150 6 100 156 7 100 175 8 100 208 9 100 270 10 100 350