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Economics 102 Homework #4 Price Price MC ATC $20 16 13 D3 8 10 Firm's Market Quantity Quantity Use the graph above to answer questions 1-8. Assume the firm (on the left in the above figure) is producing in a perfectly competitive market. If the market demand curve is at level D1: 1. The firm confronts a market price of per unit. 2. To maximize profits, the firm will produce an output of units. 3. The firm's ATC at its profit maximizing output is 4. The firm's profit is equal to If the market demand curve is at level D2: 5. The firm confronts a market price of per unit. 6. To maximize profits, the firm will produce an output of units. 7. The firm's ATC at its profit maximizing output is 8. The firm's profit is equal to 9. Suppose Mr. Krabbs, the sole proprietor of the Krusty Krab, produces and sells Krabby Patties in a perfectly competitive market. If the going market price is 70 cents per patty, fill out the table below to determine total profits at each level of output (same as our in-class worksheet). Output Price Total Total Marginal Average Average (Krabby per Revenue Marginal Total Cost Variable Total Patties Krabby (TR) cents Revenue (TC) Profit (MC) Cost Cost per Patty per hour (MR) cents (cents (AVC) (ATC) hour (cents) per per hour hour 70 110 30 30 110 130 20 25 65 160 30 26.67 53.33 200 30 50 250 34 310 38.33 51.67 380 42.86 $4.2 460 37.50 TR - MR- Profit - Price x Output ATR TR - TC ATC AOutput AOutput 10. The Krusty Krab's maximum hourly total profit at 70 cents per patty is cents/hour. 1 1. Does the output where MR-MC-70 cents yield maximum possible profits? A. YES B. NO