In the boxes below, enter 1.00 if you think the good is a normal good, enter 2.00 if you think the good is an inferior good, and enter 3.00 if you think the good is a Giffen good. The categorization of the good into different types is from the viewpoint of the consumer in question. The price of good X increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 3 units due to the income effect. What type of a good is good X? Your answer: The price of good Y increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 7 units due to the income effect. What type of a good is good Y? Your answer: The price of good Z increases. A consumer reduces his quantity demanded by 5 units due to substitution effect and reduces it by 2 units due to the income effect. What type of a good is good 2? Your answer: The price of good W decreases. A consumer increases his quantity demanded by 5 units due to substitution effect and reduces it by 7 units due to the income effect. What type of a good is good W? Your answer: Consider the information in the le named Cost Functions of the Firm (also presented above). Please read that file carefully before answering this and the following questions. The fixed cost of production equals dollars. Please note carefully: The fixed cost of production must be the same no matter what the level of production is. However. in this question. due to rounding problem, the fixed cost calculated at the production level q = 7 turns out to be different. 50, calculate the fixed cost at any production level except q = 7 to get the correct number. $3,000 $2,750 ATC $2,620 $2,500 $2,280 MC $2,250 $1,980 $2,000 $1,608 $1,680 $1,750 $1,380 $1,200 $1,342 $1,500 $1,251 $1,200 $1,250 $1,248 $1,000 $840 $1,200 $660 $750 AVC $120 $480 - $60 $500 $120 - $240 $250 $240 SO 5 10 11 12 Output Produced (q) Consider the information in the file named Cost Functions of the Firm (also presented above). The average fixed cost producing 2 units equals dollars, but the average fixed cost of producing 10 units is dollars.$3,000 $2,750 ATC $2,620 $2,500 $2,250 $2,280 MC $1,980 $2,000 $1,608 $1,680 $1,750 $1,380 $1,200 $1,500 $1,342 $1,251 $1,200 $1,250 $1,000 - $1,248 $840 $1,200 $660 $750 AVC $120 $480 - $60 $500 $120 $240 $250 $240 SO 0 3 5 6 7 9 10 11 12 Output Produced (q) Consider the information in the file named Cost Functions of the Firm (also presented above). Total cost of producing 3 units equals dollars.$3000 52350 $2,500 52,250 $2,000 SlJSO $1500 $1050 $1,000 $750 $500 $250 30 D 1 2 3 4 5 6 7" 8 9 10 ll 12 Output Produced {0] Consider the information in the le named Cost Functions of the Firm (also presented above). The average variable cost of producing 10 units equals dollars. u 4. ._ 14 u _. v r u a .v 4.- an. Output Produced {:11} Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,680 per unit, the rm will produce units of output. The rm's revenue will equal dollars, its total cost of production will equal dollars. and it will make an economic profit of dollars. In that case. its producer surplus will equal dollars. Moreover, if the market price of the product is P = $1,680 per unit. the rm will be able to cover dollars of the fixed cost. Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,200 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $1,200 per unit, the firm will be able to cover dollars of the fixed cost.Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $840 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $840 per unit, the firm will be able to cover dollars of the fixed cost.Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $240 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $240 per unit, the firm will be able to cover dollars of the fixed cost