Question: Given the information in the table below for a firm in a perfectly competitive market: a. (2 pts) What is profit for this firm if

Given the information in the table below for a firm in a perfectly competitive market: a. (2 pts) What is profit for this firm if price = $227 (You will need the optimal production quan calculate this- Tip on this below the table. Make sure to give me a dollar amount in profits.) b. (1 pt) What is the short-run shut down price? c. (1 pt) What is the break-even price? Some equations: Profit = TR - TC AVC = VC / Q TR = P X Q ATC = TC / Q TC = FC +VC MR = change in TR / change in Q PV = M/i MC = change in TC / change in Q PV = M / (1 + i)^t TC = ATC*Q Q MC ($) AVC ($) ATC ($) 40 12.50 12.50 35.00 100 8.33 10.00 19.00 130 16.66 11.53 18.46 150 25.00 13.33 19.33 160 50.00 15.62 21.25

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