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Statistics Help

**Question: **Louie started a pizza shop called Laker Pizza. The pizza shop is in a perfectly competitive market that has an equilibrium price of $10.00

Variable Cost is based on number of employees hired. Each employee cost $50

Complete the table and answer the questions below.

Employees Output Total Cost Variable Cost

0 0 $50.00

1 8

3 30

4 38

7 53

10 65

What is the profit-maximizing output?

Is the pizza shop showing an economic profit or an economic loss?

What is the total profit/loss at the profit-maximizing output?

What is the minimum price Louie can accept before he shuts down?

Assume competitive pressure pushes prices down to $6.25, would you advise Louie to shut-down in the short-run?

Would you advise Louie to exit the market in the long-run?

Create a graph in Excel that shows all three cost curves and marginal revenue. Edit

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