Answer Happy

The table below shows the price and cost information for a firm that operates in a perfectly competitive market. Price Quantity Total Cost $8 0 $8 $8 $8 1234 2 $6 $10 $15 $21 $8 $28 $8 5 $36 $8 6 $45 Refer to the table above to answer the following questions. ***

X Refer to the table above to answer the following questions. a. The marginal cost of the fourth unit is $Blank 1 b. The marginal cost of the fifth unit is $Blank 2 c. The marginal cost of the sixth unit is $Blank 3 d. Based on your answers, and your knowledge of firm behavior in a Perfectly Competitive environment: . . . Blank The profit maximizing quantity in this example is Blank 4 units At this output level, the profit for this firm is $Blank 5 This means that this firm is earning a (profit, normal profit, or loss) Blank 6. ANAL