The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market Smitten's Production Costs Quantity (pairs Marginal Cost Average Total Cost of mittens) (dollars) (dollars) 15 $1.60 $2.00 20 2.00 2.00 25 2.45 2.09 3.55 2.33 4.00 2.57 5. 502 .94 6.00 3.28 50 8.50 3.80 Instructions: In part a, enter your answer as a whole number In parts b-d, round your answers to two decimal places a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week maximize its profits? pairs of mittens b. What is Smitten's average total cost at the profit-maximizing quantity of children's mittens? maximize its profits? pairs of mittens b. What is Smitten's average total cost at the profit-maximizing quantity of children's mittens? $ c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? d. What are Smitten's weekly profits if the market price is $5.50 per pair and the firm produces the profit maximizing quantity of mittens? e. The price at which Smitten would earn a normal profit is where marginal cost equals average cost average cost equals average revenue at the minimum of average cost marginal cost equals marginal revenue at the minimum of marginal cost. marginal cost equals average cost at the minimum of average cost