Help 1. Table for Perfect Competitor A. Complete the following table for Sue's soybean farm; # of Bushels Price Total Revenue Total Costs MR MC 0 20 -- 20 25 No 20 32 20 42 A 20 54 5 20 74 6 20 98 B. At what point will the farmer produce if she wants to maximize profit? Why?2. Characteristics of Perfect Competitor Refer to the farmer in question 1. Identify and explain four characteristics Sue may face in operating her business, as a perfect competitor. 3. Monopoly Congratulations! As the owner of a new candy manufacturer, you have just invented a new chocolate bar that has no fat or calories. Yet, it tastes just like a regular chocolate bar. No one else has anything out on the market like this, so we will categorize the product as being in its own industry - therefore a Monopoly. Explain at least four barriers to entry that either naturally exists, or you might want to create to keep competition from coming in. Oligopoly A. What does a "Kinked" demand curve mean? Why does it have this unique shape? B. Assume that Automobiles are considered an Oligopoly. Suggest some ways Honda can use marketing (via the four P's) as an alternative to lowering prices, when faced with this type of demand curve. 5. Concentration Ratio Compute the concentration ratio given the following sales for an industry: Firm one - $4,000,000, Firm two - $2,000,000, Firm three - $1,500,000 and Firm four - $5,500,000. Industry sales are $18,000,000. Which market structure would you consider this industry to be in? Why