Price and Cost (dollars) O O 8 OC 76543 2 1 Refer to the graph above. The perfectly competitive, profit-maximizing firm will produce units of output. 0 10 20 60 50 30 MC ATC A 1 30 40 50 60 70 80 Quantity 70 10

Figure 6.1 MC ATC AVC MR2 MR, 0. 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total cost at the profit-maximizing quantity if the lowest point of the average-total-cost curve is $4? O $120 O S60.00 O$50 O $200 D 職

If a perfectly competitive firm's marginal revenue is greater than its marginal cost, as it increases its output, its profit product and the price it can charge for its O A. decreases; falls O B. decreases; rises O C. increases; does not change D. decreases; does not change O E. increases; falls

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Question 21 please solve

Refer to Figure 8.1. The firm earns zero profit at what output? Consider the following diagram where a perfectly competitive firm faces a price of $40. O A. O. B. 34 and 79. OC. 54, O D. 67. E. 60. 44 40 31 30 20 10 4 10 20 30 40 50 34 Figure 8.1 60 70 67 79 MC AC AVC D 80 1 OUTPUT

You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 50

$ $11.00 $9.00 $6.00 0 This firm is experiencing an: O economic profit of $200 O economic loss of $1,100 Oeconomic loss of $200 economic profit of $1,100 k 85 100 MC ATC AVC MR Quantity

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5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production of Beanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon, covered with baked beans). I will not be trying it. Will you?_ price 400 380 MC 360 340 АТС 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 P MR o 1 2 3 4 5 6 7 8 9 1o 11 Quantity a. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced? b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations. c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), the firm chooses to produce at one unit above that level. d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a) firm chooses to produce at one unit below that level.