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a) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50, it will maximize profit by producing how much output?

b) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm's total revenue:

c) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm's total cost:

d) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm's profit:

343_product in a perfectly competitive market.JPG

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