Assume that a competitive firm has the total cost function: TC=1q3-40q2+710q+1700TC=1q3-40q2+710q+1700 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution. A. How many units should the firm produce to maximize profit? Please specify your answer as an integer. B. What is the total profit at the optimal output level? Please specify your answer as an integer.

Question #1: Perfect Competition Kevins Kayak Company produces kayaks. Assume that the kayak industry is perfectly competitive. The firm has a total cost function of TC(Q) = 240,10 12875 4 Q+. Kevin can sell all the kayaks he produces for $1,200 each.(a) How many kayaks should Kevin produce (i.e., find Q)? (b) Calculate the ATC if Kevin produced at the output level you found in Part (a)? (b) How much profit would Kevin make at the output level found in Part (a)? (c) Should Kevin stay in business? You must justify your answer using the shut-downrule (relating price and average variable cost)!

3. Profit maximization using total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that sells rompers. Assume a perfectly competitive market structure for rompers with a market price equal to $20 per romper. The following graph shows Jayden's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for rompers for quantities zero through seven (including zero and seven) that Jayden produces. 200 175 150 125 100 TOTAL COST AND REVENUE (Dollars) 75 50 25 25 ח ☐ -25 0 1 2 ☐ ☐ ? Total Revenue Total Cost Profit 5 6 7 8 3 4 QUANTITY (Rompers)

TOTAL COST AND REVENUE (Dollars) -25 Suppose Lorenzo runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a price-taker market, and the market price is $10 per teddy bear. The following graph shows Lorenzo's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven teddy bears that Lorenzo produces, including zero teddy bears. 125 Total Cost 100 Total Revenue 75 -50 1 2 5 6 QUANTITY (Teddy bears) Profit Calculate Lorenzo's marginal revenue and marginal cost for the first seven teddy bears he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. ? COSTS AND REVENUE (Dollars per teddy bear) 2 3 5 QUANTITY (Teddy bears) Marginal Revenue Marginal Cost Lorenzo's profit is maximized when he produces teddy bears. When he does this, the marginal…

The diagram shows the demand and the supply curves for textbooks. $25 Price, P Demand $20 curve $15 $12 $10 $8 $6 $5 $0 50 0 10 16 20 24 28 30 Quantity, Q, of books Based on this figure, which of the following statements is correct? The Nash equilibrium price is $8. There are sellers willing to give away their textbooks for free. At a price of $12, 40 books will be sold. At a price of $6, there is an excess demand of 4 books. Supply curve 40 40

Billy’s Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. The price for each of the 275 units sold was $95. What is the Total profit for Billy’s Bean Bag Emporium? Include in your answer your calculation

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-Briefly discuss average costs, including how they are calculated, how they are typically appear on a graph, and what they relate to profitability.   -Briefly explain what is meant by the term "fixed costs" and provide three examples of same.  What determines a firm's level of fixed costs?   -Briefly explain what is meant by the term "variable costs" and provide three examples of same.   -Briefly explain how the total revenue for a profit-seeking firm is determined.

Suppose Felix runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Felix's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Felix produces. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 50 25 0 -25 0 1 ● ^ 2 O ☐ A ☐ A 3 4 5 QUANTITY (Frying pans) O ☐ 6 Total Cost ☐ 7 8 o Total Revenue Profit ? image 1 Calculate Felix's marginal revenue and marginal cost for the first seven frying pans he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.

Souvlaki Taverna is one of many restaurants in Athens, Greece which sell Souvlaki kebabs. All restaurants make the dish slightly differently. Use the following graph showing the demand (D), marginal revenue (MR), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) curves of Souvlaki Taverna to answer the questions below. (a). The goal of Souvlaki Taverna is to maximize its profit. How many Souvlaki kebabs per day should it make? What price per kebab (in euros) should it charge? If Souvlaki Taverna maximizes its profit, how much is its total revenue? What about its total costs? What is its daily profit? What would the profit-maximizing output level of this business be if it operated in a perfectly competitive market instead? What price per kebab would it charge? Does the economic outcome in part (a) imply allocative efficiency? Why or why not? Does the economic outcome in part (a) imply productive efficiency? Why or why not?