Homework A i nment 10 (Due Sunday, April 23" at 11:59pm CST) Spring 2023 Econ 217 Name instructor: Kelly Gollan 1. (0.1 pt) A perfectly competitive firm is a price 2. (0.2 pt) A competitive firm maximizes profit by choosing the quantity where equals 3. (0.2 pt) A perfectly competitive firm's shortrun supply curve is its (MC. AVC, ATC) curve above its (MC, AVC, ATC) curve. (Circle the correct answer for each.) 4. (0.2 pt) In the longrun equilibrium ofa competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? P () MC and P () ATC. (Circle the correct answer for each.) 5. (0.2 pt) if a profit-maximizing. competitive firm is producing a quantity at which marginal cost is between average variable cost and average total cost, it will (keep producing, shutdown) in the short run and (keep producing, exit) in the long run. (Circle the correct answer for each.) 6. (1.1 pt) Consider the total cost and total revenue given in the following table: (Make sure to show all your work.) l_ "l _| ] Total Marginal Total Marginal Revenue _' 5:. Calculate the marginal costs and marginal revenue. b. How much should the firm produce to maximize prots? Explain. c. What is the price of the product? Explain