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Kate's Katering provides catered meals and the catered meals industry is perfectly competitive. Kate's machinery costs $10 per day and is the only fixed input.

Kate's Katering provides catered meals and the catered meals industry is perfectly competitive. Kate's machinery costs $10 per day and is the only fixed input. Her variable costs consist of the wages paid to the cooks and the good ingredients. The variable cost per day associated with each level of output is given in the accompanying table.

quantity FC VC TC MC
0 0 NA
1 10
2 25
3 50
4 85
5 130

Fill in the missing parts of the table. 2. Determine the quantity supplied at the following prices: 1) P = $10; 2) P = $20; 3) P = $30; and 4) P = $50 by using the table below

price profit maximizing output TR TC Profit Operate Qs
10
20
30
40

Draw the supply curve. You need to indicate the specific price-quantity supplied combinations on your graph.

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