of Consider the following cost data for a perfectly competitive firm in the short run. Assume the market price is $150, and fill in the remaining cells of the table. Output (Q) 1 2 3 4 5 True Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Total Revenue (TR) (Dollars) (Dollars) False (Dollars) 100.00 100.00 100.00 100.00 100.00 True or False: In the short run, the firm will produce 1 unit of output to maximize profit and earn $-70 of economic profit. (Dollars) 120.00 200.00 290.00 430.00 590.00 Keynote Profit (Dollars)

A competitive firm faces the following market price: P=200. Variable costs are C(Q)=Q^2. The firm also pays $17000 in costs that do not depend on production (even if q=0). Hint – marginal cost is MC(Q)=2*Q NOTE - KEEP YOUR CALCULATIONS. THIS INFORMATION WILL BE USED IN MULTIPLE QUESTIONS What is the profit of this firm (ACCOUNTING profit, counting sunk costs as well)   Question 7 options:   5000   0   -7000   -17000

20) - Google Chrome "mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2 em (Academic 20- MC ATC AVC 16 4. 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have th same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. o search hp Price and cost (dollars per unit)

Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown