Pat’s Pizza Kitchen is a price taker. Its costs are in the table.
a. Calculate Pat’s profit-maximizing output and economic profit if the market price is
(i) $14 a pizza.
(ii) $12 a pizza.
(iii) $10 a pizza.
Output (pizzas per hour) Total cost (dollars per hour
|Quantity,||Total cost,||Fixed cost,||Variable cost,||Total revenue,||Profit|
Selling price is $4.00
A competitive firm’s short-run cost information is shown in the table below.
|Output||Fixed Cost||Variable Cost||Total Cost|
|0||$9.00||$ 0.00||$ 9.00|
a. Suppose the firm can sell all the output it desires at the market price of $9.10. Compute the firm’s total revenue and its total profit (loss) for the potential output choices shown in the table. What output level maximizes the firm’s profits (or minimizes its losses)?
b. Repeat part a. assuming the price has fallen t
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