Matt Rafferty produces hiking boots in the perfectly competitive hiking boots market.
a. Fill in the missing values in the following table.

b. Suppose the equilibrium price in the hiking boots market is $100. How many pairs of boots should Matt produce, what price should he charge, and how much profit will he make?
c. If next week the equilibrium price of boots drops to $65, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make?
d. If the equilibrium price of boots falls to $50, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make?

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Output per Week Total Cost AVC AFC ATC MC $100.00 155.70 205.60 2 253.90 3 4 304.80 5 362.50 431.20 515.10 8. 618.40 9. 745.30 10 900.00