The following table shows data for quantity (Q), price (P), fixed cost (FC), and variable cost (VC) for a hypothetical fırm in a perfectly competitive market. Q P FC VC TC MC TR MR P/L $72 $100 $0 1 72 100 64 72 100 84 3 72 100 114 4 72 100 184 5 72 100 270 a) Fill the table for total cost (TC), marginal cost (MC), total revenue (TR), marginal revenue (MR), and profit or loss (P/L). Make sure to show your work for at least one line of Q. b) What is the profit maximizing quantity? Justify your answer. NOTE: this is a FILE UPLOAD question. Work your solution an excel file and upload it, or write down your solution in a piece of paper, take a picture with VOur smartphone and unload the nicture

The following table shows data for quantity (Q), price (P), fixed cost (FC), and variable cost (VC) for a hypothetical fırm in a perfectly competitive market. Q P FC VC TC MC TR MR P/L $72 $100 $0 1 72 100 64 72 100 84 3 72 100 114 4 72 100 184 5 72 100 270 a) Fill the table for total cost (TC), marginal cost (MC), total revenue (TR), marginal revenue (MR), and profit or loss (P/L). Make sure to show your work for at least one line of Q. b) What is the profit maximizing quantity? Justify your answer. NOTE: this is a FILE UPLOAD question. Work your solution an excel file and upload it, or write down your solution in a piece of paper, take a picture with VOur smartphone and unload the nicture

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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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…
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