Ted is a producer in the perfectly competitive market for sandwiches. Ted produces his profit-maximising quantity of 55 sandwiches at the market price of $4.00 per sandwich. At this output, his average variable cost is $2.80 per sandwich and his average total cost is $3.10 per sandwich. His minimum average variable cost is $2.70 per sandwich. Select the item from the list provided to make the following statements true. The total variable cost Ted will incur at his profit maximising production level is __________. Ted's average fixed cost at his profit maximising production level is __________. If the market price begins to drop below $4.00 per sandwich, and Ted’s costs remain unchanged, Ted will need to shut down if the market price falls to below __________.

A purely competitive firm finds that the market price for its product is $30. It has a fixed cost of $100 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. Instructions: Enter your answers rounded to two decimal places. a. Does price equal or exceed average variable cost for the first 50 units?            What is the average variable cost for the first 50 units?       $  per unit b. Does price equal or exceed average variable cost for the first 100 units?            What is the average variable cost for the first 100 units?       $  per unit c. What is the marginal cost per unit for the first 50 units?       $  per unit      The marginal cost for units 51 and higher?       $  per unit d. For each of the first 50 units, does MR exceed MC?            Is MR > MC for units 51 and higher?       e. What output level will yield the largest possible profit for this purely competitive firm?      units

The following table shows cost data for a perfectly competitive firm. Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost1 $400 $100 $500 $1002 200 90 290 803 133 80 213 604 100 70 170 405 80 80 160 1206 67 90 157 1407 57 102 159 1748 50 116 166 2149 44 130 174 24210 40 150 190 330  If the market price for the firm's product is $174, the firm will produceMultiple Choice7 units and earn economic profits of $104.9 units and earn economic profits of $104.7 units and earn economic profits of $64.9 units and earn economic profits of -$4.

Multiple Choice QuestionThe monopolist's level of output is not at the minimum point of Blank______, meaning it will not be productively efficient.Multiple choice question.average profitaverage total costmarginal revenueaverage variable cost

A firm has fixed costs of $400, average total costs of $3 and average variable costs of $2.50. The output of the firm is _____________.

In perfect competition, a profit-maximizing business will expand production until its _____ equals the price.Multiple choice question.average costmarginal revenuemarginal cost