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30. Pat's Pizza Kitchen is a price taker in a perfectly competitive market. It cost's are as follows: Output (Pizza per hour) Total cost (dollar
30. Pat's Pizza Kitchen is a price taker in a perfectly competitive market. It cost's are as follows: Output (Pizza per hour) Total cost (dollar per hour) 0 10 1 21 2 30 LU 41 4 54 S 69 a. Using the total cost curve chart, calculate average cost and marginal cost. Draw the average and marginal cost curves? (Application: 4 Marks) b. What is Pat's profit-maximizing output and how much economic profit does Pat make if the market price is:1. Price= $ 14 (2 Marks) 2. Price= $ 12 (2 Marks) 3. Price=$ 10 (2 Marks) C. At what price Pat's kitchen break even? (Application: 2 Marks) d. What are some of the features that make firms in Perfectly competitive industry have? (Communication: 3 Marks)
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