The following data is for Eutopia, Inc., a purely competitive fliegeweize industry firm.

Output AFC AVC ATC MC

1 $300 $100 $400 $100

2 150 75 225 50

3 100 71 171 60

4 75 73 148 80

5 60 79 141 110

6 50 90 140 140

7 43 103 146 180

8 38 119 156 230

To receive credit must show the formulas used and calculations for a - f

If the market price is $180,

a. the firm should produce __________ units of output

and its total economic profit (or loss) will be $__________. ( P - ATC ) x Q

If the market price is 110,

b. the firm should (chose one) [produce 5 units of output] or [temporarily shut down]

c. its per unit economic profit (or loss) will be $__________ ( P - ATC )

d. and its total economic profit (or loss) will be $ -155.

0

If the market price is $60,

e. the firm should (chose one) [produce ______ units of output] or [temporarily shut down]

f. and its total economic profit (or loss) will be $__________.

g. T F In this last scenario, Eutopia should raise the price of their fliegeweize to increase revenue and profit.