The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. a. Complete the following table for a single firm in the...

The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. a. Complete the following table for a single firm in the short run.

Using the information in the table, fill in the following supply schedule for this individual firm under perfect competition and indicate profit (positive or negative) at each output level. (Hint: At each hypothetical price, what is the MR of producing 1 more unit of output? Combine this with the MC of another unit to figure out the quantity supplied.)

Extracted text: $150 $0 150 1 150 40 190 40 190 40 2 150 100 250 50 125 60 3 150 180 330 60 110 80 4 150 280 430 70 107.5 100 5 150 400 550 80 110 120 150 560 710 93.33 118.33 160 7 150 760 910 108.57 130 200 8. 150 1000 1150 125 143.75 240 9. 150 1300 1450 144.44 161.11 300 10 150 1850 2000 185 200 550


Extracted text: PRICE QUANTITYSUPPLIED PROFIT $ 40 70 110 140 180 220 260 400 | || ||| | | | |