Assume that the cost data in the table below are for a

Question

Assume that the cost data in the table below are for a purely competitive producer:

Cost Data 

$25.00 $10.00 $35.00 $10.00     12.50 8.00 20.50 6.00     8.33 6.67 13.00 4.00     6.25 5.50 11.75 2.00     5.00 4.80 9.80 2.00     4.17 4.50 8.67 3.00     3.57 4.57 8.14 5.00     3.13 5.00 8.13 8.00     2.78 6.00 8.76 14.00     2.50 7.50 10.00 21.00    

Respond to the following:

1. How much economic profit can be achieved at each level of output? If price is $10.00, how much will be produced in the short run?
2. Using the price of $4, answer the previous questions.
3. Using the price of $14, answer the previous questions.