Changes

'''5.''' Total cost is the entire costs your firm sustained from the time you started, including the building of factories, purchase of machines, advertising, wages, production, and many others. Average cost is the total cost divided by number of goods produced (TC/Q). Marginal cost is the amount to produce one more unit.

'''5.''' Total cost is the entire costs your firm sustained from the time you started, including the building of factories, purchase of machines, advertising, wages, production, and many others. Average cost is the total cost divided by number of goods produced (TC/Q). Marginal cost is the amount to produce one more unit.

'''6.''' The total loss is ($15x90)+($50x20)+($10x25)=$2600.

'''6.''' The total loss is ($15x85)+(50x$20)+(10x$25)+(5x$30)=$2675.

'''7.''' There is not perfect competition between public schools and homeschools, for several reasons. First, the infamous "socialization:" public school students often see more of people of the same age. Second, few homeschools have access to organized teams for multiple sports (and typically public schools do not allow homeschoolers on their teams.) Finally, few homeschools have access to complicated laboratories and workshops for science.  

'''7.''' There is not perfect competition between public schools and homeschools, for several reasons. First, the infamous "socialization:" public school students often see more of people of the same age. Second, few homeschools have access to organized teams for multiple sports (and typically public schools do not allow homeschoolers on their teams.) Finally, few homeschools have access to complicated laboratories and workshops for science.