The following table shows cost data for a perfectly competitive firm. Output 1 2 3 4 LOCO C 5 6 7 8 9 10 Average Fixed Average Variable. Average Total Cost Cost $500 250 167 125 100 83 71 63 56 50 Cost $120 108 97 88 81 78 78 81 87 96 If the product price is $55, the profit-maximizing output is $620 358 263 213 181 161 149 144 143 146 Marginal Cost $120 95 75 60 55 60 80 105 135 170

how about the 4,5,6. Please answer. Thanks.

Adapt the presentation to meet the unique needs of the customer. Individual client problems priorities are unique which means if we do our job well the solutions will match the customers needs. True False

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Cross-Rates 1€=$1.75, 1$=£1.75 Is there an arbitrage opportunity if €=£1? Yes No

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Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00

(i) Jim has a used car that is worth between 0 and 2000 pounds (an equal chance of each price in between). Doug is thinking of buying the car and knows it is worth 35% more to him than to Jim. Doug can make a take-it-or-leave-it offer to Jim. How much should Doug offer Jim? Answer: