1. Assume the following total cost schedule for a perfectly competitive firm.

Output

Output	TVC	TFC
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

The total cost of producing 6 units of output is __________________ If the firm is producing at an output level of 2 units, the ATC is _____________ and the AVC is ______________ The profit-maximizing firm would shut down in the short run if the market price of its output dropped below ___________________ At what price would a profit-maximizing firm earn zero economic profits? _______________

2. Consider the following short-run cost curves for a perfectly competitive firm.

If the current market price is $6, the profit-maximizing output for this firm is ____________ If the price is $6 and the firm is producing at its profit-maximizing output, then total costs for the firm are ______________ If the market price is $1, the firm will produce ______________units of output in the short run. If the price is $3 and the firm is producing at its profit-maximizing output, then the firm would make _________ profit.