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Problem -
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 of mittens)
MC (dollars)
ATC (dollars)
5
$1.60
$8.00
10
2.00
5.00
15
2.45
4.15
20
3.55
4.00
25
30
5.50
4.25
35
6.00
4.50
40
8.50
a. The market price of children's mittens is $6.00 per pair. How many pairs of children's mittens should Smitten produce per week to maximize its profits?
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 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. At what price would Smitten earn a normal profit?
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