5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production of Beanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon, covered with baked beans). I will not be trying it. Will you?_ price 400 380 MC 360 340 АТС 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 P MR o 1 2 3 4 5 6 7 8 9 1o 11 Quantity a. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced? b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations. c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), the firm chooses to produce at one unit above that level. d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a) firm chooses to produce at one unit below that level.
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5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production of Beanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon, covered with baked beans). I will not be trying it. Will you?_ price 400 380 MC 360 340 АТС 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 P MR o 1 2 3 4 5 6 7 8 9 1o 11 Quantity a. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced? b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations. c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), the firm chooses to produce at one unit above that level. d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a) firm chooses to produce at one unit below that level.
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