Study the diagram below carefully and use the given information to answer the questions that follow:

(a) Determine: (i) the profit maximizing output; (ii) the firm's profit if it produces 600 units of output; (iii) the total cost if the firm produces 400 units. 
(b) Calculate the (I) total revenue (ii) profit of the firm at the output level of 900 units 
(c) What will happen if a firm's market price falls below its average variable cost? 

(a) Give two major views of Rev. Thomas Malthus in population theory. 
(b) How relevant are his views to the economic realities of West African countries? 

(a) What is an Economic system? 
(b) Explain any three characteristics of a mixed economic system. 
(c) State any two disadvantages of a mixed economic system. 

(a) Define elasticity of supply 
(b) When is supply described as (i) elastic (ii) inelastic 
(c) Outline any two factors that influence elasticity of supply. 

(a) State the law of diminishing return 
(b) What is (i) marginal product (ii) average product? 
(c) Explain any three factors that determine the size of firms.