The table below shows the total cost and marginal cost for Chrissy's Costumes, a perfectly competitive firm producing different quantities of children's costumes. The market price of costumes is $12.00.          Chrissy's Costs of ProductionQuantity (costumes) Average Total Cost (dollars) Marginal Cost (dollars)100 $8.00 $7.50200 7.50 6.50300 7.00 7.00400 9.00 12.00500 12.00 15.00600 15.00 17.00 Instructions: Enter your answers as a whole number. a. If the market price is $12.00 per costume, how many costumes should Chrissy's Costumes make?      costumes b. If the market price for costumes falls to $7.00 per costume, how many costumes should Chrissy's Costumes make now?       costumes

Consider the following table that describes the total cost of producing dresses by Shirley, a local fashion artist. Dresses Total cost ($)0 501 802 1053 1404 1805 2256 2757 350 Assume that the market is competitive and the price of dresses is $73. At this price how many dresses should Shirley produce to maximise profit? (If Shirley is indifferent between producing an additional dress and not producing, please assume that she will produce the additional dress to break the tie.)

The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts for a local arts festival.  Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production CostsOutput Total Cost (dollars) Marginal Cost (dollars)0 $15 —1 18 $ 2 20 3 21 4 24 5 29 6 36  b. Graph the marginal cost curve for producing tie-dyed t-shirts. Instructions: Use the tool provided “Marginal Cost” to plot the line point by point (6 points total). Plot from 1 to 6 units of output.  c. What is the total cost of producing 5 tie-dyed t-shirts?     $   d. What is the marginal cost of producing the 5th tie-dyed t-shirt?      $

The Costume Store specializes in producing fancy dress costumes. Their marginal cost of producing cowboy hats is as follows: 1st hat $24, 2nd hat $30, 3rd hat $38, 4th hat, $46. Suppose the market price of cowboy hats decreases from $38 to $30. Which of the following statements is true? Producer surplus will fall from $22 to $6. Producer surplus will fall from $54 to $24. The Costume Store will produce no hats. Producer surplus will increase from $8 to $24. Consumer surplus will rise by $6.

The following table shows cost data for a perfectly competitive firm. Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost1 $500 $120 $620 $1202 250 108 358 953 167 97 263 754 125 88 213 605 100 81 181 556 83 78 161 607 71 78 149 808 63 81 144 1059 56 87 143 13510 50 96 146 170 If the product price is $105, the profit-maximizing output isMultiple Choice0 units.5 units.8 units.9 units.

A group of friends were working on a student film with a budget of $500, which they spent on equipment and costumes. They spent $55 on costumes. What percent did they spend on equipment?