Part 2

Market Supply Market Demand 7,777 7,195 6,829 6,579 6,429 6,279 6,029 5,679 5,179 Your Assignment: (1) Fill in the Following Table and *STATE* what the market equilibrium price and quantity are: Market Price Demand Market Supply Qs ) Qd) $1.00 7,777 $1.30 7,195 |$1.40 6,829 $1.50 6,579 $1.65 6,429 $1.85 6,279 $2.00 6,029 $2.25 5,679 $2.50 5,179 This posting is due by Wednesday, September 28, 2022 by 11:59 pm. (2) Calculate the profits under TWO SCENARIOS Note: The Formula for Profit = Total Revenue minus Total Cost where Total Revenue = Price x Quantity = P * Q and where Total Cost = Fixed Cost (rent) + Variable Cost (cost of inputs and labor) A) Calculate the Profit for a firm at a Quantity Supplied of ZERO. This is the "shut down" scenario where no effort is made