The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten,...

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The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market. Smitten's Production Costs Quantity (pairs of mittens) Marginal Cost (dollars) $1.60 2.00 Average Total Cost (dellars) 20 $1 25 1.2 1.41 1.71 30 2.45 35 3.55 4.00 5.50 40 45 2.39 50 6.00 2.75 3.27 55 .50 Instructions: In part a, enter your answer as a whole number. In parts b. c, and d, round your answers to two decimal places a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to maximize its profits? pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? %24 d. What are Smitten's weekly profits if the market price is $5.50 per pair and the firm produces the proft-maximizing quantity of mittens? e. The price at which Smitten would earn a normal profit is where O marginal cost equals average cost. O marginal cost equals marginal revenue at the minimum of marginal cost O average cost equals average revenue at the minimum of average cost O marginal cost equals average cost at the minimum of average cost. The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market. Smitten's Production Costs Quantity (pairs of mittens) Marginal Cost (dollars) $1.60 2.00 Average Total Cost (dellars) 20 $1 25 1.2 1.41 1.71 30 2.45 35 3.55 4.00 5.50 40 45 2.39 50 6.00 2.75 3.27 55 .50 Instructions: In part a, enter your answer as a whole number. In parts b. c, and d, round your answers to two decimal places a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to maximize its profits? pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? %24 d. What are Smitten's weekly profits if the market price is $5.50 per pair and the firm produces the proft-maximizing quantity of mittens? e. The price at which Smitten would earn a normal profit is where O marginal cost equals average cost. O marginal cost equals marginal revenue at the minimum of marginal cost O average cost equals average revenue at the minimum of average cost O marginal cost equals average cost at the minimum of average cost.

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a The perfectly competitive market will produce at a point where p... View the full answer