Figure below shows the costs of Quick Copy, one of many copy shops near campus. If the market price of copying is 10 a page

1. Calculate Quick Copy's Profit-maximizing output.
2. Economic profit.
3. If price decrease to 6 what will be firm's profit-maximizing output and
4. economic profit?
5. What is the supply curve of Quick Copy shop?
6. (Hint: In perfect competition marginal revenues are equal to the market price.)

FIGURE 11.1 Problem 13 Cost (cents per page) 12 . . . . . . . ; . . . . . . .. MC ATC 10 8 6 . . . . . .. ... ..... ... .. . . . . . . . . .. . . . . .... ... .. . . . . . . . . . . . ., . . . . . . .. . . . ..... .. ... . .. . . . . . . . . . . . . 4 . . . . . . .. .. . 2 O 20 40 60 80 100 Quantity (pages per hour)