Question 1
Consider a perfectly competitive firm producing and selling mousetraps at a market price of $5.00. Suppose this firm is producing 2000 mousetraps and average variable cost is $5.50. What level of economic profit is this firm earning?
◦ $0.50
◦ $1000
◦ -$1000
◦ $0
◦ There is insufficient information to answer to know.
Question 2
Consider the total cost and revenue curves shown below, for two perfectly competitive firms, Firm A and Firm B.
FIGURE 9-5
Refer to Figure 9-5. Given its total cost and revenue curves, Firm A should
◦ maximize its profits by producing that level of output such that the slope of the TC curve is equal to the slope of the TR curve.
◦ build another plant to reap scale economies.
◦ continue production, as it is earning positive profits.
◦ produce zero output.
◦ maximize its profits by producing that level of output such that the slope of the TVC curve is equal to the slope of the TR curve.
The eight α-helical segments (shown here as cylinders) are labeled A through H
Typical Startup Cost Categories
Typical Startup Cost Categories Cont.
Effects of competitive inhibition on enzyme kinetics
Structures of (a) free and (b) DNA-bound forms of BamHI, with DNA shown end-on, in orange