Please give me correct answer with full explanation and calculation otherwise i give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Assume that the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the following costs:Quantity(ties per day)Total Cost0$1011722633745056568271018122914510170Instructions: Enter your responses as a whole number.a. What is the profit-maximizing rate of output for the firm? (Use the profit-maximizing rule.)ties per dayb. How much profit does the firm earn at that rate of output?46c. If the price of ties falls to $13, how many ties should the firm produce?ties per dayd. At what price should the firm shut down?Less than $7

A perfectly competitive(PC) market is a theoretical market structure where numerous purchasers and…

Answered: 90 145 10 170 13 Instructions: Enter…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer with full explanation and calculation otherwise i give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Assume that the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the following costs:
Quantity
(ties per day)
Total Cost
0
$10
1
17
2
26
3
37
4
50
5
65
6
82
7
101
8
122
9
145
10
170
Instructions: Enter your responses as a whole number.
a. What is the profit-maximizing rate of output for the firm? (Use the profit-maximizing rule.)
ties per day
b. How much profit does the firm earn at that rate of output?
46
c. If the price of ties falls to $13, how many ties should the firm produce?
ties per day
d. At what price should the firm shut down?
Less than $7

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