Frank's Lawn Care is one of 1,000 firms in the lawn mowing business.He has fixed cost of $10 per day and variable costs as shown in the following table.Fill in the remaining columns.

Q TVC MC AVC ATC

0 $0.0

1 2.0

2 3.5

3 5.5

4 8.0

5 11.0

6 15.0

7 21.0

8 29.0

9 39.0

Question 1: If the market price of mowing lawns is $9 per lawn, how many lawns will Frank mow?

A. 6

B. 7

C. 8

D. 9

Question 2:What is Frank's profit?

A. $42

B. $33

C. $24

D. $15

Question 3: What is the price at which Frank would break even?

A. $4.17

B. $2.50

C. $2.00

D. $1.75

Question 4: What is the minimum price for Frank's short run supply curve?

A. $4.17

B. $4.20

C. $2.00

D. $1.75

Question 5: If price per lawn is $3 and Frank opts to continue his mowing business, how much of his total fixed cost would he recoup?

A. He would recoup none.He should quit lawn-mowing business.

B. $4.00

C. $3.00

D. $2.00

The following is the market demand schedule for lawns mowed at different prices.Given that there are 1,000 firms similar to Frank's firm, fill in the data for the supply column.

P Quantity Demanded Quantity Supllied

$5 9000

6 8000

7 7000

8 6000

9 5000

Question 6: What is the short run market equilibrium price?

A. $9.00

B. $8.00

C. $7.00

D. $6.00

Question 7: At the market equilibrium price Frank's profit is:

A. $20.00

B. $18.00

C. $16.00

D. $14.00