Question: This problem set traces the relationship between fimm decisions, market supply, and market equilibrium in purely competitive markets. There are hints for Part I at

This problem set traces the relationship between fimm decisions, market supply, and market equilibrium in purely competitive markets. There are hints for Part I at the end of this problem set, but first try without looking at them. Part 1 1. Complete the following cost table for this individual competitive firm in the short run. You will use this information for #2. Output TVC (per day) TFC TC AVC ATC MC g $250 SO $250 SO SO $250 $100 $100 $250 $150 $400 S200 3 S250 $210 $70 $250 $290 $135 $250 $400 $650 580 5250 S540 $790 $131.0 >250 $720 S102.84 S250 S950 S1200 SISO $250 $1240 $1490 $137.78 10 S250 S1600 1850 160 185 2. Using the information in the table above, fill in the following supply schedule for this single competitive firm in the short run (SR), and indicate profit or loss at each output level. Price Total Revenue Total Cost SR Quantity Supplied (2 9 SR Profit or Loss $350 8 7 $280 S220 S170 $130 6 5 4 $100 $70 3 SSO 2

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