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Exercise 7: Competition & Efficiency Name: Problem 7.2. The table below lists marginal costs at four firms producing denim jackets at several levels of production. Marginal Cost Produce Output jackets Firm 1 Firm 2 Firm 3 Firm 4 Firm More Less if p=$40 (units/day) ($/unit) ($/unit) ($/unit) ($/unit) 100 20 33 18 40 200 30 40 24 50 300 40 49 28 62 A W I 400 50 60 40 74 (a) Suppose each firm produces 200 jackets per day. We could reduce the overall (or industry) cost of producing those 800 jackets by shifting production among the firms. In the incomplete table above, mark with an X whether a more-efficient allocation of production would have that firm produce more than or less than 200 jackets. (b) The equilibrium price is $40 per jacket. In the last of column of the incomplete table, list each firm's profit-maximizing output at the $40 price. (c) In the $40 equilibrium, marginal cost in the denim jacket industry is $ per jacket. Problem 7.3. Both the bicycle industry and the frozen food industry are competitive. Firms in both industries employ workers and use capital (e.g., buildings, machines, tools, etc.) to produce goods. The bicycle industry is currently more profitable than the frozen food industry; in fact, frozen food makers are earning negative economic profit. (a) On the basis of profits in the two industries, labor and capital will shift from bikes food to bikes food (b) As resources move across these two industries, profit in bikes increases decreases , and profit in frozen food increases s decreases (c) The higher profit in the bicycle industry signals that [Place an X in the box next to the correct state- ment. people don't like frozen food. bicycle makers are greedy. the allocation of production across frozen food makers is inefficient. resources are more valuable in bicycle production than in frozen food