is Question: 1 pt Frances sells pencils in the perfectly competitive pencil market. Her output per day and costs are seen in the table. Output Total Cost Total Marginal a. If the current equilibrium price in the pencil market is $1.60, what price will Frances charge? per day MC Revenue Revenue 0 $1 10 $0.00 O A. $1 10 O B. $2.00 O C. $1.60 O D. $5.00 1.95 $0.85 1.60 $1.60 2.70 0.75 3.20 1 60 b. Find the correct quantities for the missing values in the table, as represented by (i, li, iii, and iv, enter all values as dollars 3.40 0.70 4.80 and cents). 3.90 0.50 1.60 () Marginal revenue is $ 4.60 0.70 8.00 1.60 5.90 1.30 9.60 (ifi (in) Total revenue is $ 8.15 2.25 (iv) 1.60 (fil) Marginal revenue is $ 10.55 2.40 12.80 1.60 (iv) Total revenue is $ c. What quantity of pencils will maximize Frances' profit? |pencils