Economics 2200 Bonus 1) Complete the table below: (18 points) Labor Capital TP MP AP TFC TVC TC AFC AVC ATC MC (0) 10 0 200 1 10 40 2 10 50 3 10 50 4 10 30 5 10 200 Labor is paid a wage of $100/day. All output is per day. Where: TP = total product; output; or quantity MP = marginal product AP = average product TFC = total fixed cost TVC = total variable cost TC = total cost AFC = Average fixed cost AVC = average variable cost ATC = Average total cost MC = marginal cost 2) The firm depicted in the table below is in a PERFECTLY COMPETITIVE MARKET. Complete the following table: (15 points) Quantity Price Marginal Total Total cost Average Marginal ($/unit) revenue revenue total cost cost $3 $20 10 $30 20 $46 30 $66 40 $96 50 $150 The profit maximizing price is $. The profit maximizing quantity is The firm is making $. in profit.3) (17 points) A monopolist can produce its output at a constant average and constant marginal cost of: ATC =MC =13 The monopoly faces a demand curve given by the following function: Q=77-P And a marginal revenue curve that is given by the function: MR = 77 - 2Q a) Draw the following: a. The firm's demand curve b. 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? d) 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