Question 6 The table below shows the cost information for a firm in a perfectly competitive industry. The market price is $35 and the firm chooses their optimal quantity. Calculate their profit. FC VC TC MC AFC AVC ATC O 75 75 75 25 100 25 75.00 25.00 100.00 75 49 124 24 37.50 24.50 62.00 W 75 72 147 23 25.00 24.00 49.00 75 94 169 22 18.75 23.50 42.25 75 117 192 23 15.00 23.40 38.40 75 141 216 24 12.50 23.50 36.00 75 166 241 25 10.71 23.71 34.43 co 75 192 267 26 9.38 24.00 33.38 75 219 294 27 8.33 24.33 32.67 10 75 247 322 28 7.50 24.70 32.20 75 276 351 29 6.82 25.09 31.91 12 75 306 381 30 6.25 25.50 31.75 13 75 337 412 31 5.77 25.92 31.69 14 75 369 444 32 5.36 26.36 31.71 15 75 402 477 33 5.00 26.80 31.80 16 75 436 511 34 4.69 27.25 31.94 17 75 471 546 35 1.41 27.71 32.12 18 75 507 582 36 4.17 28.17 32.33 19 75 544 619 37 3.95 28.63 32.58 20 75 582 657 38 3.75 29.10 32.85n will save this response. > Question 7 2 points Save Answer The price of an IPhone is $869. When average income is $46,000 demand for IPhones is given by P = 1440 - 0.02Q, and when average income is $53,000 demand for IPhones is given by P = 1490 - 0.02Q. Calculate the income elasticity of demand. Remember to leave at least two numbers after the decimal.> Moving to another question will save this response. Question 9 In the market for beach towels, demand is P - 40 - 0.01Q and supply is P - 5 + 0.03Q. The government imposes a tax of $6 per beach towel. Calculate the deadweight loss.Question 10 The diagram below shows the curves for a single price monopolist. If this monopolist wants to maximize their profit, what quantity would they choose? 33 30 27 MC ATC MR 0 8 16 24 32 40 48 56 64 72 80 88 QQuestion 8 points Consider the market for beef burger patties (the meat in hamburgers). Technology improves for the production of beef burger patties, and at the same time consumer incomes increase and beef burger patties are a normal good. Choose which one of the following diagrams best illustrates how the market will change. To answer the question write the letter of the diagram only. A S1