The questions are listed below:

Profits at SPAM-Whiz Corp. Name The SPAM-Whiz Corporation has the following revenues and costs. Quantity TC ATC MC MR @ AR @ TR @ Profit @ MR @ AR@ TR @ Profit @ P=10 P=10 P=10 P=10 P=15 P=15 P=15 P=15 0 10 20 2 28 3 38 4 50 5 65 6 85 Complete the table (60 marks) 3. Define TR, MR, AR and Profits: (4 marks) How much are the corporation's fixed costs? (1 mark) 4. Plot MC and ATC graphs (2 marks) 5 . Assume the corporation is a price-taker and can sell all it wants at a price of $10. Plot AR and MR when price = $10. What quantity of output will maximize total profits at a price of $10? (3 marks) 6. 7. What is the profit maximizing rule (using MR. and MC)? (1 mark) Based on the profit-maximizing rule what is the profit-maximizing level of output? Does this answer match the answer to question #5? (2 marks) 8. Now assume the corporation is a price-taker and can sell all it wants at a price of $15. Plot MR and AR at this new price. What quantity of output will maximize total profits at a price of $15? (3 marks) 9 . In the graph below, plot the points for the profit-maximizing output at prices of $10 and $15, and connect these points with a line (curve). This is a supply curve for a profit maximizing firm. (2 marks) 10. At a price of $15, is SPAM-Whiz earning a normal profit, an economic (excess) profit, or an economic loss? How can you tell? (2 marks) 10. Will there be entry or exit of firms in this industry at a price of $15? (1 mark)