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Problem - To make a little extra money, Foster knits berets for cats and sells them on Etsy. The table below gives some information on the costs of running this business.
Q
Total Cost (TC)
Fixed Cost (FC)
Variable Cost (VC)
Marginal Cost (MC)
Average Variable Cost (AVC)
0
4
-
1
34
30
2
68
64
32
3
106
38
a. Fill in the blank cells of the table above.
b. If Foster finds that he can sell as many cat berets as he want at $36 each, how many will he sell? What will his total cost, total revenue, and profit be?
c. Repeat part b, for a price of $34.
d. Repeat part b, for a price of $28.
e. Suppose there are many sellers with the same costs as Foster. If there are 24 people on Etsy willing to buy 1 cat beret each for $34, how many people will choose to sell cat berets?
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