@Economics

Perfect competition Pat's Pizza Kitchen is a price taker and the table below shows its cost of production. Output Total cost Average variable cost Average total Marginal cost (pizzas per hour) ($ per hour) ($ per pizza) cost ($ per additional ($ per pizza) pizza) 0 10 - 21 N 30 41 IIII 1III 11 1 54 69 (a) Complete the table above, and graph the AVC, ATC and MC curves in the same diagram. (b) If the market price is $14 a pizza, draw the marginal revenue curve in the diagram in (a). Pat's profit maximizing output is and profit is (c) Pat's shutdown price is and at this point, profit equals (d) Derive the supply schedule of Pat and therefore the market supply schedule, supposing that there are 999 other firms that are identical to Pat's. Price ($ per pizza) Pat's quantity supplied Market quantity supplied 9 10 12 14 (e) Draw Pat's supply curve and the market supply curve separately below