Homework Answers
1) a) The breakeven price is 4 and the output is 5000
b) When the P=6, the firm will produce 7000 units and economic profit of (6-4)*7000 = 14000
2) a)When P=14.22, It will produce 90
b) When P=15, it will produce 100 units
c) When P=8, it will produce 80 units
d) When P=15, it will earn a profit of (15-14.22)*100 = 78
e) Profit = (14.22-14.22)*90 = 0
f) Profit = (8-14.5)*80 = -520
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