1) Perfectly competitive firm Doggies Paradise Inc. sells winter coats for dogs. Dog coats sell for $70 each. The fixed costs of production are $90. The TVC are $80 for one unit, $100 for two units, $130 for three units, $180 for four units, and $250 for five units.(2 point)

2-1)Fill in the blanks in the following table for TR,MR, TC, MC and Profit.(1 point)

OutputTRMRFCVCTC MCProfit

00

180

2100

3130

4180

5250

1-2)Find profit-maximizing input and output for which draw this firm's demand curve, MC and AC curves with right figures in the graph.(1 point)

2) A company is producing piano under perfect competition. Price of piano is $900(4 point)

5-1)Fill in blanks in the following table for TR,MR,AR,MC and Profit(2 point)

OutputPriceTRMRARTCMCProfit

0 1000

1 1200

2 1300

3 1500

4 2300

5 3100

6 4000

7 5500

8 8200

5-2)Please find profit-maximizing output and say profit. Why that is profit-maximizing level of output? Draw a graph showing demand, AR, MR, MC and profit-maximizing price and quantities