Coursework. Professor Popkiss is a retired scientist wh
Added on -2019-09-16
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CourseworkProfessor Popkiss is a retired scientist who enjoys, in his spare time, restoring old clocksand watches to their former glory. Now that he is retired from academic life, he isthinking about pursuing his hobby on a more commercial basis by setting up his ownshop called ‘Time to Go’ in Milsom Street, Bath.A former colleague, Dr Beaker, carries out some market research on ProfessorPopkiss’s behalf and estimates the following information:AverageRevenue (AR) £’sNumber of clocksrestored per week(q)Total Costs00 4003010420302048030305803040720305090030601120307013803080168030902020Part A(1). From the evidence provided in the table what type of market do you thinkProfessor Popkiss would be entering? Would you enter this market? Explain yourreasoning (5 marks).(2). Calculate Total Revenue (TR), Marginal Revenue (MR), Total Costs (TC), AverageFixed Costs (AC), Average Variable Costs (AVC), Average Total Costs (ATC),Marginal Costs (MC) and Profits (∏) for each level of output (q). (Write your resultsin tabular format) (6 marks)(3). Explain the shape of Professor Popkiss’s short run ATC curve (4 marks).(4). How many clocks should Professor Popkiss restore in order to earn maximum
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