Question

18. Complete the following cost schedules for a perfectly competitive firm:

Instructions: Enter your responses rounded to two decimal places.

Quantity	0	1	2	3	4	5	6	7
Total cost	$9	$12	$16	$21	$30	$40	$52	$66
ATC	-----	$	$	$	$	$	$	$
MC	-----	$	$	$	$	$	$	$

Assuming the price of the product is $14

Instructions: Enter your responses rounded to two decimal places. Indicate a negative response with a (-) negative sign.

TR	$	$	$	$	$	$	$	$
Profit/unit	-----	$	$	$	$	$	$	$
Profit	-----	$	$	$	$	$	$	$

Assuming the price of this product is $14, at what output rate is

Instructions: Enter your responses as a whole number.

(a) Total revenue maximized?

units

(b) ATC minimized?

units

(c) Profit per unit maximized?

units

(d) Total profit maximized? (Choose the highest level of output.)

units