e table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that oduces children's mittens in a competitive market. mitten's Production Costs Quantity (pairs of mittens) Marginal Cost (dollars) $1.60 2.00 Average Total Cost (dellars) $2.2 2.17 25 30 35 2.45 2.21 40 3.55 2.38 2.56 2.85 45 4.00 5.50 6.00 8.50 50 55 3.14 60 3.58 nstructions: In part a, enter your answer as a whole number. In parts b, c, and d, round your answers to two decimal places .If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to haximize its profits? ]pairs of mittens p. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? $1 3.28 E. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens?
e table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that oduces children's mittens in a competitive market. mitten's Production Costs Quantity (pairs of mittens) Marginal Cost (dollars) $1.60 2.00 Average Total Cost (dellars) $2.2 2.17 25 30 35 2.45 2.21 40 3.55 2.38 2.56 2.85 45 4.00 5.50 6.00 8.50 50 55 3.14 60 3.58 nstructions: In part a, enter your answer as a whole number. In parts b, c, and d, round your answers to two decimal places .If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to haximize its profits? ]pairs of mittens p. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? $1 3.28 E. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:he table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that
roduces children's mittens in a competitive market.
Smitten's Production Costs
Quantity (pairs of
mittens)
Marginal Cost
(dollars)
$1.60
Average Total Cost
(dollars)
$2.2
2.17
2.21
25
30
2.00
35
2.45
3.55
4.00
40
2.38
45
2.56
2.85
50
5.50
55
6.00
3.14
60
8.50
3.58
Instructions: In part a, enter your answer as a whole number. In parts b, c. and d, round your answers to two decimal places.
a. If the market price of children's mittens is $6.00 per pair, how many palrs of children's mittens should Smitten produce per week to
maximize its profits?
pairs of mittens
b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens?
%24
3.28
c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of
mittens?
d. What are Smitten's weekly profits if the market price is $5.50 per pair and the firm produces the profit-manimizing quantity of
mittens?
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