Tackle the 6 questions below.

Consider the following daily product and cost schedule for a profit maximizing firm operating in a perfectly competitive market. Output Cost Functions Labor Output FC VC TC MC AVC ATC 200 0 1 10 2 25 3 45 4 60 5 70 6 75 7 75 70 Assume the only variable cost is labor which is paid a rate of $100 per day. Complete the above cost schedule. If the prevailing market price of output is $5 per unit, what is the profit maximizing output? (3) At the profit maximizing output in (2), what is the per unit cost of production? (4) At the profit maximizing output in (2), what is the per unit labor cost? (5) At the profit maximizing output in (2), what is the per unit profit or loss? (6) At the profit maximizing output in (2), what is the total profit or loss? (7) Show your answers for questions 2-6, graphically. You need only graph your answers by hand using standard "U" shaped cost curves. (8) In the short run, at a market price of $5 per unit, should this firm continue operating or should the firm shut down? Explain your answer. (9) If the prevailing market price of output is $20 per unit, what is the profit maximizing output? (10) At the profit maximizing output in (9), what is the per unit cost of production? (11) At the profit maximizing output in (9), what is the per unit labor cost? (12) At the profit maximizing output in (9), what is the per unit profit or loss? (13) At the profit maximizing output in (9), what is the total profit or loss? (14) Show your answers for questions 9-13, graphically. You need only graph your answers by hand using standard "U" shaped cost curves. (15) What is the minimum price needed by the firm to break even (i.e., earn zero economic profits)? Explain. (16) What is the shutdown price? Explain.1. Tennis elbow is thought to be aggravated by the impact experienced when hitting the ball. The article Forces on the Hand in the Tennis One-Handed Backhand reported the force on the hand just after impact on a one-handed backhand drive for six advanced player and for eight intermediate players. See below for the sample statistics. n Type of Player Mean StDev 6 Advanced 40.3 11.3 Intermediate 21.4 8.3 Assume that both force distributions were normal. (i) Calculate an approximate 95% lower confidence bound for the difference between the true average forces for advanced players and true average force for intermediate players. 3 . (ii) What can you say about " Tennis elbow is thought to be aggravated by the impact experienced when hitting the ball" ? There is sufficient evidence that the time average han those for intermediateCompared to eukaryotes, prokaryotes (bacteria and archaea)... O A Can carry out a vastly greater range of biochemical reactions. D B. Have many more described species O C. Have a much simpler cellular structure, lacking organelles like a nucleus, mitochondria, etc. O D. Are far more abundant in the biosphere12 of 50 (9 complete) A 1.1-39 In broad terms the difference between microeconomics and macroeconomics is that O A. microeconomics studies the effects of government taxes on the national unemployment rate. B. macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not C. microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy O D. they use different sets of tools and ideas. Click to select your answer and then click Chock Answer. Char All All parts showing acerQuestion 2 Demonstrate, by way of example, and explain fully, taking noting of the underlying assumptions, how you would derive Hicksian and Marshallian demand functions. What are the differences between these