1. A competitive firm has the cost structure described in the following table. Graph the marginal cost, average variable cost, and average total cost curves. How many units of output will it produce at a market price of 32? Calculate its profits and show them in your graph.

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Q ATC AVC MC I 44 4 8 2 28 8 16 4 26 16 32 6 31 24 48 8 37 32 64