The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children’s mittens in a competitive market.

Smitten's Production Costs

Instructions: In part a, enter your answer as a whole number. In parts b–d, round your answers to two decimal places.

a. If the market price of children’s mittens is $6.00 per pair, how many pairs of children’s mittens should Smitten produce per week to maximize its profits?

     pairs of mittens

b. What is Smitten’s average total cost at the profit-maximizing quantity of children’s mittens?

   $

c. What are Smitten’s weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens?

   $

d. What are Smitten’s weekly profits if the market price is $5.50 per pair and the firm produces the profit-maximizing quantity of mittens?

     $

e. The price at which Smitten would earn a normal profit is where:

• a. average cost equals average revenue at the minimum of average cost.

• b. marginal cost equals average cost.

• c. marginal cost equals average cost at the minimum of average cost.

• d. marginal cost equals marginal revenue at the minimum of marginal cost.

1.

A monopolist has average cost AC = .2Q - 4 + 100/Q and marginal cost MC = .4Q - 4. Market demand is Q = 44 - P, implying that the firm’s marginal revenue is MR = 44 - 2Q. Its profit-maximizing output is

a. 92

b. 46

c. 40

d. 20

2.

Consider the same monopoly situation as in the previous question. The firm’s profit will be

a. 760

b. 660

c. 830

d. 380

A. draw a graph showing the marginal cost, average total cost, demand, marginal revenue, and average revenue for a perfectly competitive firm. Indicate the level of profit where profit is maximized, shade in the area of maximum profit, give the amount of maximum profit, and explain how this number is calculated.

B.Graph the short-run supply curve for a perfectly competitive firm and explain where this short-run supply curve lies. Indicate the following curves on your graph: marginal cost curve, marginal revenue curve, average-total-cost curve, average-variable-cost curve, short-run supply curve.

Consider a firm with a constant marginal cost curve. Sketch the average cost curves( ATC, AFC, AVC) and associated marginal cost curve. And explain why the cost curves would look as sketched.

Consider a firm with a constant marginal cost curve. Sketch the average cost curves( ATC, AFC, AVC) and associated marginal cost curve. And explain why the cost curves would look as sketched.

What is the cost difference between Whole life and Term insurance? Please Explain, the cost differences.

The MC (marginal cost) curve and the ATC (average total cost) curve intersect

Group of answer choices

at the MC curve's maximum point

at the ATC curve's maximum point

at the ATC curve's minimum point

at the MC curve's minimum point

1. Which statement is correct regarding homeowner’s insurance?

1. Replacement cost policy pays the homeowner the cost of replacing the damaged property with an item of a similar brand and quality.
2. Homeowner’s policy specifies a deductible that the homeowner is responsible for paying before any insurance coverage is provided by the insurer.
3. Homeowner’s insurance provides insurance in the event of property damage, theft, or personal and third-party liability relating to homeownership.
4. The mortgage lender typically requires that the homeowner’s insurance policy covers at least the mortgage.
5. All the above.

The Joan Company uses the process cost system and average cost method. The following production data are for the month of July, 20--. Production Costs Work in process, beginning of month: Materials $18,500 Labor 8,750 Factory overhead 4,850 $ 32,100 Costs incurred during month: Materials $93,500 Labor 42,450 Factory overhead 33,550 169,500 Total $201,600 Production Report Units In process, beginning of month 4,000 Finished and transferred during month 28,000 Work in process, end of month 10,000 Stage of completion 40% (a) Prepare a cost of production summary for the month. (b) Prepare the journal entries to record production for the month

2. Describe a fixed cost, variable cost. Explain why the variable and fixed costs are important in cost accounting. Give your opinion