a) If Pmkt1 = $140 and ACME produces 150 widgets, where AVC is at a minimum, then ACME [ is | is not ] maximizing its profits because MR(150) = _________ [ ] _________ = MC(150). ACMEs profits at 150 widgets are P(150) = _________________.

b) If Pmkt1 = $140 and ACME produces 180 widgets, where ATC is at a minimum, then ACME [ is | is not ] maximizing its profits because MR(180) = _________ [ ] _________ = MC(180). ACMEs profits at 180 widgets are P(180) = _________________.

c) If Pmkt1 = $140, then ACMEs profit maximizing output level, Q1*, is _________ units because MR(Q1*) = _________ [ ] _________ = MC(Q1*). Given Pmkt1 = $140 and Q1*, ACMEs profits at Q1* are P(Q1*) = _________________

d) Suppose the market price increases to Pmkt2 = $330. If ACME continues to produce 170 widgets, then ACME [ is | is not ] maximizing its profits because MR(170) = _________ [ ] _________ = MC(170). ACMEs profits at 170 units are P(170) = _________________.

e) If Pmkt2 = $330, then ACMEs profit maximizing output level, Q2*, is _________ widgets because MR(Q2*) = _________ [ ] _________ = MC(Q2*). Given Pmkt2 = $330 and Q2*, ACMEs profits at Q2* are P(Q2*) = _________________.

f) Suppose the market price decreases to Pmkt 3 = $80. If Pmkt 3 = $80, then ACMEs profit maximizing (or loss minimizing) output level, Q3*, is _________ widgets because (explain briefly) _______________________ ______________________________________________________________________________________ and, as a result, ACMEs profits at Q3* are P(Q3*) = ___________________________.

alibri F3 V 10 Q (# widgets) 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 900 1 13456 Fill in the blanks and highlight the appropriate mathematical symbol in the brackets [ ]. 250 260 270 280 000 . F4 BI U A TC $20,433 $21,240 $9,287 $21,887 $9,813 $22,413 $10,260 $22,860 $10,667 $23,267 $11,073 $23,673 $11,520 $24,120 $12,047 $24,647 $12,693 $25,293 $13,500 $26,100 $14,507 $27,107 $15,753 $28,353 $17,280 $29,880 $19,127 $31,727 $21,333 $33,933 TVC $7,833 $8,640 $23,940 $36,540 $26,987 $39,587 $30,513 $43,113 $34,560 $47,160 $39,167 $51,767 $44,373 $56,973 $50,220 $62,820 $56,747 $69,347 NOV 26 PA CD F5 F6 MC 90 72 58 48 42 40 42 48 58 72 90 112 138 168 202 240 282 328 378 432 490 552 618 688 (A) EE EEEEE AFC 252.00 210.00 180.00 157.50 140.00 126.00 114.55 105.00 96.92 90.00 84.00 78.75 74.12 70.00 66.32 63.00 60.00 57.27 54.78 52.50 50.40 48.46 46.67 45.00 Y 8 AVC 156.67 144.00 132.67 122.67 114.00 106.67 100.67 96.00 92.67 90.67 90.00 90.67 92.67 96.00 100.67 106.67 114.00 122.67 132.67 144.00 156.67 170.67 186.00 202.67 www ## X 57 ATC 408.67 354.00 312.67 280.17 254.00 232.67 215.21 201.00 189.59 180.67 174.00 169.42 166.78 166.00 166.98 169.67 174.00 179.94 187.45 196.50 207.07 219.13 232.67 247.67 P dish w A I D alibri F3 V 10 Q (# widgets) 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 900 1 13456 Fill in the blanks and highlight the appropriate mathematical symbol in the brackets [ ]. 250 260 270 280 000 . F4 BI U A TC $20,433 $21,240 $9,287 $21,887 $9,813 $22,413 $10,260 $22,860 $10,667 $23,267 $11,073 $23,673 $11,520 $24,120 $12,047 $24,647 $12,693 $25,293 $13,500 $26,100 $14,507 $27,107 $15,753 $28,353 $17,280 $29,880 $19,127 $31,727 $21,333 $33,933 TVC $7,833 $8,640 $23,940 $36,540 $26,987 $39,587 $30,513 $43,113 $34,560 $47,160 $39,167 $51,767 $44,373 $56,973 $50,220 $62,820 $56,747 $69,347 NOV 26 PA CD F5 F6 MC 90 72 58 48 42 40 42 48 58 72 90 112 138 168 202 240 282 328 378 432 490 552 618 688 (A) EE EEEEE AFC 252.00 210.00 180.00 157.50 140.00 126.00 114.55 105.00 96.92 90.00 84.00 78.75 74.12 70.00 66.32 63.00 60.00 57.27 54.78 52.50 50.40 48.46 46.67 45.00 Y 8 AVC 156.67 144.00 132.67 122.67 114.00 106.67 100.67 96.00 92.67 90.67 90.00 90.67 92.67 96.00 100.67 106.67 114.00 122.67 132.67 144.00 156.67 170.67 186.00 202.67 www ## X 57 ATC 408.67 354.00 312.67 280.17 254.00 232.67 215.21 201.00 189.59 180.67 174.00 169.42 166.78 166.00 166.98 169.67 174.00 179.94 187.45 196.50 207.07 219.13 232.67 247.67 P dish w A I D