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Homework answers / question archive / containing an assortment of goods
containing an assortment of goods. Assume the market for Ekka Showbags is perfectly competitive. Kelly is a producer in the Showbag market, selling her Showbags at the market price of $5.00. At the profit-maximising output level of 46 Showbags, Kelly's average total cost is $4.20 per Showbag. The minimum average variable cost is $3.70 per Showbag.Answer the following questions:Kelly's economic profit or loss is (use a negative value if a loss). Answer in dollars, rounded to two decimal places (ie: to the nearest cent).State whether the following statement is true or false: "At the profit-maximising quantity, Kelly is making an economic profit of $1.30 per Showbag." Type T for true, or F for false .State whether the following statement is true or false: "Kelly should shut down if the market price is $3.69 per Showbag." Type T for true, or F for false .
