Need help with numbers 7 through 10. Thank you!! PERFECT COMPETITION SHORT RUN COST STRUCTURE & REVENUE STRUCTURE6. Complete the "perfect competition" immediately below table by calculating all the values. (It is worth spending 30 minutesto learn some Microsoft Excel or Google Sheets skills to complete this assignment. Get some help.)- view chart7. What is the rule for determining the daily output (production level) that will maximize short run profits?-?8. Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price,marginal cost, and profit at that daily output. Explain.-?9. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at thatdaily output. Explain.-?10. Provide two graphs: i) daily output on the x-axis and on the y-axis total daily fixed costs, total daily variable costs, total dailycosts, and total revenue when price equals $6; ii) daily output on the x-axis and on the y-axis daily average fixed costs, dailyaverage variable costs, daily average total costs, and price equals $6.-? TotalDailyOutputand Salesof Pizzas012345678910TotalDailyFixedCosts10101010101010101010TotalDailyVariableCosts.46791319273749Total Average Average AverageTotalCostsDailyCostsFixedCostsVariableCosts10141617192329374759731063MONOPOLY PRODUCTION DECISION PROBLEM10.005.003.332.502.001.671.431.251.111.004.003.002.332.252.603.173.864.635.446.3014.008.005.674.754.604.835.295.886.567.30MarginalCosts6421248101214Price =MarginalRevenue6666666666TotalRevenue(WhenPrice =$?)-6121824303642485460TotalProfits(WhenPrice =$?)(10)-8-4157751-5-13

The perfectly competitive firm chooses to produce at MR =MC and this is also known as the…

- view chart 7. What is the rule for determining the daily output (production level) that will maximize short run profits? - ? 8. Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price, marginal cost, and profit at that daily output. Explain. - ? 9. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at that daily output. Explain. 2

- view chart 7. What is the rule for determining the daily output (production level) that will maximize short run profits? - ? 8. Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price, marginal cost, and profit at that daily output. Explain. - ? 9. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at that daily output. Explain. 2

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Question

Need help with numbers 7 through 10. Thank you!!

PERFECT COMPETITION SHORT RUN COST STRUCTURE & REVENUE STRUCTURE
6. Complete the "perfect competition" immediately below table by calculating all the values. (It is worth spending 30 minutes
to learn some Microsoft Excel or Google Sheets skills to complete this assignment. Get some help.)
- view chart
7. What is the rule for determining the daily output (production level) that will maximize short run profits?
-?
8. Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price,
marginal cost, and profit at that daily output. Explain.
-?
9. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at that
daily output. Explain.
-?
10. Provide two graphs: i) daily output on the x-axis and on the y-axis total daily fixed costs, total daily variable costs, total daily
costs, and total revenue when price equals $6; ii) daily output on the x-axis and on the y-axis daily average fixed costs, daily
average variable costs, daily average total costs, and price equals $6.
-?

Total
Daily
Output
and Sales
of Pizzas
0
1
2
3
4
5
6
7
8
9
10
Total
Daily
Fixed
Costs
10
10
10
10
10
10
10
10
10
10
Total
Daily
Variable
Costs
.
4
6
7
9
13
19
27
37
49
Total Average Average Average
Total
Costs
Daily
Costs
Fixed
Costs
Variable
Costs
10
14
16
17
19
23
29
37
47
59
73
10
63
MONOPOLY PRODUCTION DECISION PROBLEM
10.00
5.00
3.33
2.50
2.00
1.67
1.43
1.25
1.11
1.00
4.00
3.00
2.33
2.25
2.60
3.17
3.86
4.63
5.44
6.30
14.00
8.00
5.67
4.75
4.60
4.83
5.29
5.88
6.56
7.30
Marginal
Costs
6
4
2
1
2
4
8
10
12
14
Price =
Marginal
Revenue
6
6
6
6
6
6
6
6
6
6
Total
Revenue
(When
Price =
$?)
-
6
12
18
24
30
36
42
48
54
60
Total
Profits
(When
Price =
$?)
(10)
-8
-4
1
5
7
7
5
1
-5
-13

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