Question 1
Refer to the information provided in Table 8.2 below to answer the question(s) that follow.


Refer to Table 8.2. Assume that Sherry's Earrings is producing in a perfectly competitive market and the market price for earrings is $60. To maximize profits Sherry should produce ________ pairs of earrings.
◦ two
◦ three
◦ four
◦ five
Question 2
Refer to the information provided in Table 8.3 below to answer the question(s) that follow.


Refer to Table 8.3. What is the total cost of producing zero units of output?
◦ $0
◦ $30
◦ $60
◦ indeterminate from the given information