The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten a perf Show more

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten a perf Show more The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten a perfectly competitive firm that produces childrens mittens in a competitive market. Smittens Production Costs Smittens Production Costs Smittens Production Costs Quantity (pairs of mittens) MC (dollars) ATC (dollars) 5 $1.60 $8.00 10 2.00 5.00 15 2.45 4.15 20 3.55 4.00 25 4.00 4.00 30 5.50 4.25 35 6.00 4.50 40 8.50 5.00 a. The market price of childrens mittens is $6.00 per pair. How many pairs of childrens mittens should Smitten produce per week to maximize its profits? b. What is Smittens average total cost at the profit-maximizing quantity of childrens mittens? c. What are Smittens weekly profits if the market price is $6 per pair and the firm produces the profit-maximizing quantity of mittens? d. What are Smittens weekly profits if the market price is $5.50 per pair and the firm produces the profit-maximizing quantity of mittens? e. At what price would Smitten earn a normal profit? Show less

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