The table below shows the daily costs, rounded to $0.25, of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production CostsQuantity (corn cobs) AVC (dollars) ATC (dollars) MC (dollars)20.00 2.75 4.50 2.0030.00 2.25 3.50 1.5040.00 2.00 2.75 1.2550.00 1.75 2.50 1.2560.00 1.50 2.25 1.5070.00 1.50 2.25 1.7580.00 1.50 2.25 2.2590.00 1.75 2.50 2.75 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool provided "MC" to plot the curve point by point (8 points total). Points for average variable and average total cost are rounded to the nearest $0.25 in the graph. Instructions: In part b, enter your answer as a whole number. In part c, round your answer to two decimal places. If you are entering a negative number include a minus sign. b. If the market price of corn is $1.75 per corn cob, in the short run how much corn should Cathy produce each day to maximize profits?      corn cobs per day c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?      $  d. In the short run, assuming nothing else changes, Cathy shouldmultiple choice 1produce a lower quantity of corn per day.shut down, because the market price is above the AVC.produce a greater quantity of corn per day.produce the same quantity of corn per day.e. If the short-run price of corn falls to $1.25 per corn cob, Cathy shouldmultiple choice 2shut down, because the market price is below the AVC.produce a lower quantity of corn per day.produce the same quantity of corn per day.produce a greater quantity of corn per day.

. If the market price of corn is $1.75 per corn cob, in the short run how much corn should Cathy produce each day to maximize profits?      corn cobs per day c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?      $  d. In the short run, assuming nothing else changes, Cathy shouldmultiple choice 1produce a lower quantity of corn per day.shut down, because the market price is above the AVC.produce a greater quantity of corn per day.produce the same quantity of corn per day.e. If the short-run price of corn falls to $1.25 per corn cob, Cathy shouldmultiple choice 2produce a lower quantity of corn per day.shut down, because the market price is below the AVC.produce a greater quantity of corn per day.produce the same quantity of corn per day.

Mandy finds she can get a discount on corn cobs if she buys in bulk. She can get 100 kilograms ofcorn cobs for $160 from Matt, on condition that she buys at least 100 kilograms. From anothersupplier, Robert, she can buy small quantities of corn cobs (100 or less) for $1 per cob or largerquantities (more than 100) for $0.60 per cob. Mandy charges all of her customers by weight, so shegets $5 per kilogram of corn cobs or $1.25 for an individual corn cob. If Mandy is going to sell over100 kilograms of corn cobs today, what is the best profit per corn cob she can make?

The table below shows Ali’s monthly costs of producing wheat. Suppose the current market price of wheat is $56.00 per bushel. Ali's Wheat Production CostsQuantity (bushels) AVC (dollars) ATC (dollars) MC (dollars)0 — — —500 $40.00 $240.00 $40.001,000 35.00 85.00 30.001,500 30.00 63.33 20.002,000 30.00 55.00 30.002,500 31.00 51.00 35.003,000 32.67 49.33 41.003,500 34.86 49.15 48.004,000 37.50 50.00 56.004,500 40.57 51.67 65.005,000 44.00 54.00 75.00 Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. If the market price is $56.00 per bushel of wheat, and Ali chooses to produce wheat, how much will he produce per month to maximize his profits in the short run?       bushels per month b. Calculate Ali’s monthly profits (express a loss as a negative number) if he chooses to produce the profit-maximizing quantity of wheat at a price of $56.00.      $  c. Assume that the market price of wheat falls to $35.00 per bushel. How much wheat will Ali choose to produce per month in order to maximize his profits in the short run?       bushels per month d. Calculate Ali’s monthly profits (express a loss as a negative number) if he chooses to produce the profit-maximizing quantity of wheat at a price of $35.00.      $  e. If the market price of wheat instead falls to $20.00 per bushel, how much wheat will Ali choose to produce per month in order to maximize his profits in the short run?       bushels per month

. In the short run, assuming nothing else changes, Cathy shouldmultiple choice 1produce a lower quantity of corn per day.shut down, because the market price is above the AVC.produce a greater quantity of corn per day.produce the same quantity of corn per day.e. If the short-run price of corn falls to $1.25 per corn cob, Cathy shouldmultiple choice 2shut down, because the market price is below the AVC.produce a lower quantity of corn per day.produce the same quantity of corn per day.produce a greater quantity of corn per day.

Use the table given below to answer the following question: Quantity Produced Total Cost ($) 0 50 1 60 2 70 3 80 4 90 5 100 Based on the table give above, we can say that MC is (greater than/less than/equal to) the AVC for every unit of production, and both are equal .