1. For each lettered space in the following table, determine the appropriate dollar amount (See picture)

2.Assume that the above cost data is for a perfectly competitive firm. Using this data answer the following:

(a) If the market equilibrium price that this firm charges is $50, what level of output must this firm produce to maximize its profit?

(b) What would be the amount of profit that this firm would earn if it produced at the profit-maximizing level of output?

3.You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you

expectto happenover time (in the long run) to each of the following?

1. For each lettered space in the following table, determine the appropriate dollar amount ill is! t wig Jan-d ma was. Ham [5] Amt-Elm lm lunihl cuts: (And mm mm Toucan lm comma m 0 $200 a. :0 1t 1 200 1 30 J_ at E g: 2 200 Q 50 M 5 m E 3 200 11 so u 1 L 5.5 a 200 i :55 Q 1 L E 5 200 L 75 3 A_A a w e 200 Q 95 51 EB J.L H I 200 ti 125 1; c; m my a 200 1 1:55 5 pr; 55 9 2m 1 215 1 E 99 3 ID 200 5 vs u g a z; 2. Assume that the above cost data is for a perfectly competitive firm. Using this data answer the following: {a} If the market equilibrium price that this rm charges is $50, what level of output must this firm produce to maximize its profit? (in) What would be the amount of profit that this rm would earn if it produced at the prot-maximizing level of output