Info in images Assume that the cost data in the following table are for a purely competitive producer:AverageAverageAverageTotalFixedVariableTotalMarginalProductCostCostCostCost1$60.00$45.00$105.00$45.00230.0042.5072.5040.00320.0040.0060.0035.00415.0037.5052.5030.00512.0037.0049.0035.0010.0037.5047.5040.0078.5738.5747.1445.0087.5040.6348.1355.0096.6743.3350.0065.00106.0046.5052.5075.00Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Notapplicable" and enter a value of "0" for output if the firm does not produce.a. At a product price of $66.00(i) Will this firm produce in the short run? (Click to select)(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?(Click to select) outputunits per firm(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $b. At a product price of $41.00(i) Will this firm produce in the short run? (Click to select)(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) - outputunits per firm(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $c. At a product price of $32.00(i) Will this firm produce in the short run? (Click to select)(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?(Click to select)outputunits per firm(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit =Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) infront of those numbers.d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred ateach output (column 3).(1)(2)(3)(4)QuantitySupplied,Single FirmProfit (+) orLoss (-)Quantity Supplied,1,500 FirmsPrice$22.0027.0032.0038.0043.0047.0057.00

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Average Fixed Average Average Total Variable Marginal Cost Cost Cost Cost $60.00 $45.00 $105.00 $45.00 30.00 42.50 72.50 40.00 20.00 40.00 60.00 35.00 15.00 37.50 52.50 30.00 12.00 37.00 49.00 35.00 10.00 37.50 47.50 40.00 8.57 38.57 47.14 45.00 7.50 40.63 48.13 55.00 6.67 43.33 50.00 65.00 6.00 46.50 52.50 75.00 ons: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "No e" and enter a value of "O" for output if the firm does not produce. oduct price of $66.00 this firm produce in the short run? (Click to select) ♥ is preferable to produce, what will be the profit-maximizing or loss-minimizing output? ck to select) v output = Ounits per firm at economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $ oduct price of $41.00 this firm produce in the short run? (Click to select) ♥ is preferable to produce, what will be the profit-maximizing or loss-minimizing output?

Average Fixed Average Average Total Variable Marginal Cost Cost Cost Cost $60.00 $45.00 $105.00 $45.00 30.00 42.50 72.50 40.00 20.00 40.00 60.00 35.00 15.00 37.50 52.50 30.00 12.00 37.00 49.00 35.00 10.00 37.50 47.50 40.00 8.57 38.57 47.14 45.00 7.50 40.63 48.13 55.00 6.67 43.33 50.00 65.00 6.00 46.50 52.50 75.00 ons: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "No e" and enter a value of "O" for output if the firm does not produce. oduct price of $66.00 this firm produce in the short run? (Click to select) ♥ is preferable to produce, what will be the profit-maximizing or loss-minimizing output? ck to select) v output = Ounits per firm at economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $ oduct price of $41.00 this firm produce in the short run? (Click to select) ♥ is preferable to produce, what will be the profit-maximizing or loss-minimizing output?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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