Economics 200 Bonus 1) Complete the table below: (7 points) Labor Capital | TP MP AP TFC TVC TC AFC AVC ATC MC 10 100 10 100 50 150 2.50 1.25 13.75 1.25 1 00 150 100 1 00 200 100 1 00 2.00 0.8 150 150 100 150 250 0.67 1.00 1 67 1.00 180 145 100 200 300 0.50 1.11 1.67 1.67 3 200 20 140 100 250 350 0.50 1.25 175 12.50 Labor is paid a wage of $50/day. All output is per day. Where IP = total product; output; or quantity MP = marginal product Ap = average product TFC = total fixed cost TVC = total variable cost TC = total cost AFC = Average fixed cost AVC = average variable cost ATC = Average total cost MC = marginal cost 2) The firm depicted in the table below is in & PERFECTLY COMPETITIVE MARKET. Complete the following table: (6points) Quantity Price Marginal Total Total cost Average Marginal (S unit) revenue revenue total cost cost $20 520 20 $20 $20 $460 $20 $20 4 $20 $20 $TOO $20 $20 $1500 The profit maximizing price is $_ The profit maximizing quantity is The firm is making $ in profit.3) (7 points) A monopolist can produce its output at a constant average and constant marginal cost of ATC =MC =5 The monopoly faces a demand curve given by the following function: Q= 53-P And a marginal revenue curve that is given by the function: MR =53 -2Q :) Draw the following a. The firm's demand curve The firm's marginal revenue curve c. The firm's marginal cost curve b) What is the monopolist's profit maximizing price? () What is the profit maximizing quantity for this monopolist? i) How much profit is the monopolist making? e) Suppose the market is no longer depicted by a monopoly but has become perfectly competitive. What would the profit maximizing price and quantity be if the market were perfectly competitive