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7. Utilizing the chicken wing production function that we completed in the Module 2 homework assignment which would have the following answers, respond to the questions given, assuming the firm is a perfectly competitive rm: Input Output (Hours) (Wings) MPP TFC TVC TC AFC AVC ATC MC 25 118 250 212.50 462.50 2.1 1.8 3.9 6.7 1.3 35 185 250 297.50 547.50 1.4 1.6 3.0 5.7 1.5 45 242 250 382.50 632.50 1.0 1.6 2.6 5.1 1.7 55 293 250 467.50 717.50 0.9 1.6 2.4 3.8 2.2 Unit 3: Written Homework Assignment Instructions 60 Points 65 331 250 552.50 802.50 0.8 1.7 2.4 2.9 2.9 75 360 250 637.50 887.50 0.7 1.8 2.5 A. Assume that the selling price for chicken wings is $2.50. What would be the prot maximizing rate of output? 15 the rm making prot above all costs? Why or Why not? B. If the price of chicken wings drops to $2.00, how many chicken wings should be produced then? Is the firm making profit above all costs at $2 chicken wings? Why or Why not? produced then? Is the firm making profit above all costs at $2 chicken wings? Why or Why not? C. At what price would be the short-run breakeven point? At what price would be the rm's short-run shut down point? 8. Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would rms likely use for each type of good and why? 9. How is collusion used in oligopoly markets? What is a cartel? Are they legal? Give one example of either collusion or a cartel that has occurred in the past. 10. Given the following graph for a monopolist, answer the 3 questions provided