1. If marketing data showed you could sell the following number of chairs at the prices indicated, how many chairs would you produce and what would be your profit? Fill in the chart. (1 mark)

# of Chairs	10,000	22,000	30,000	42,000	75,000	85,000	75,000
Price (AR)	$200	$150	$125	$100	$75	$50	$45

My goal would be to maximize profit by producing chairs in a certain number. As it stands, 75 000 chairs will yield maximum profits. A profit of $2,110,500 per annum would be earned by producing 75,000 chairs.

# of Workers	TR	AR	Q	TC	Profit or Loss (TP)
0	0	0	0	617,000	-617,000
1	2,000,000	200	10,000	1,014,000	986,000
2	3,300,000	150	22,000	1,484,000	1,816,000
3	3,750,000	125	30,000	1,808,000	1,942,000
4	4,200,000	100	42,000	2,278,000	1,922,000
5	5,625,000	75	75,000	3,514,500	2,110,500
6	4,250,000	50	85,000	3,911,500	338,500
7	3,375,000	45	75,000	3,578,500	-203,500

Given your answer in Question 6, and assuming this company is the only supplier, is this market in equilibrium? Explain why or why not. (1 mark)