2. The table below gives cost data for Acme, Inc., a perfectly competitive, profit-maximizing widget firm. Fill in the blanks and highlight one of the responses in each set of brackets [ response a | response b ]. (15 points)

1. If the market price of a widget is $60 and ACME produces 150 widgets, then Acme [ is | is not ] maximizing its profits because MR(150) = $___________ [ < | = | > ] $__________ and Acme's profits are 150 widgets are (150) = $__________________ (i.e., calculate (150)).
2. If the price of a widget is $60, then Acme's profit maximizing output level, Q1*, is ____________ units and its profits at Q1* are (Q1*) = $__________________ (i.e., calculate (Q1*)).
3. Suppose that the price decreases to $30 and the firm produces 140 units of output. If the firm produces and sells one more widget (141) then its profits will [ increase | decrease ] by $__________.

If the price decreases to $12, then Acme's profit maximizing (or loss minimizing) output level, Q2*, is ____________ units and its profits at Q2* are (Q2*) = $__________________ (i.e., calculate (Q2*)).