Question 1

Consider a perfectly competitive firm with the following information:

Market price = $16

Number of units of output produced = 39

Total costs of production = 149

What is the short-run profit earned by this firm?

Question 21 pts

Consider a perfectly competitive firm with the following information:

Market price = $25

Number of output units produced = 20

Average total cost per unit at this level of production = 6

What is the short-run profit earned by this firm?

Mickey's Fish Stand is a perfectly competitive rm selling tilapia. Use the rm's cost curves shown below to answer Questions 3-8. Price and Cost (5] 51.9 40. S 30 50 60 Quantity Question 3 Consider the graph for Mickey's Fish Stand. If the price of tilapia was $37. what quantity of output would Mickey choose to produce and sell? Question 4 Consider the graph for Mickey's Fish Stand. This rm will have zero economic prots at a price of dollars. Do not include the dollar sign {$] in your answer. Question 5 Consider the graph for Mickey's Fish Stand. From the graph. it is shown that at a quantity of 20, the ATC is 40.5. and the AVC is 31.5. At this level of output, what is the average xed cost (AFC)? Do not include the dollar sign {$) in your answer. Question 6 1 pts Consider the graph for Mickey's Fish Stand. At a price of $25. what prot will be earned by the sh stand? Do not include the dollar sign {$) in your answer, but you can include a negative sign if applicable. Question 7 2 pts Consider the graph for Mickey's Fish Stand. In the short run. at a price of $34. the rm will choose to produce [Select] v ,and will [Select] v Question 8 2 pts Consider the graph for Mickey's Fish Stand. Assume that other perfectly competitive sh stands have similar costs. At a price of $37. rms would [Select] V in the short run. In the long run, we would