4- Assume the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the follow

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4 Assume The Price Of Silk Ties In A Perfectly Competitive Market Is 21 And That The Typical Firm Confronts The Follow 1 (32.81 KiB) Viewed 14 times

4- Assume the price of silk ties in a perfectly competitive market is $21 and that the typical firm confronts the following costs: Quantity (ties per day) Total Cost $10 17 26 37 50 65 82 101 122 145 170 10 1 2 3 4 S 6 7 18 19 10 Please enter your responses as whole numbers only. No decimals and no $signs. a. What is the profit-maximizing rate of output for the firm? (Hint: Use the profit-maximizing rule.) ties per day b. How much profit does the firm earn at that rate of output? c. If the price of ties fell to $15, how many ties should the firm produce? ties per day d. At what price should the firm shut down? any price less than $