2000 words For the first Question of the assignment, reference should refer from government online resources. Australian government websites regarding tobacco taxes 2 a) Assume a perfectly competitive firm’s total cost (TC) for a different level of output Q is Q TC 0 50 1 100 2 140 3 170 4 190 5 210 6 230 7 260 8 300 9 350 10 410 In a table format for the range of output (Q) provided determine; average total costs, average fixed cost, average variable cost, and marginal costs. At a price of $35 how many units we will be produced in the short run? At this price how many units will be produced in the long run? b) Explain the differences between a monopolisticallycompetitive market and an oligopolistic market? Give examples of industrieswith these market structures to explain your answer.
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