7. Smith's Quality Furniture, Inc., produces dining room tables. Design and workmanship make its product unique, although there are many producers of dining room tables. Its expected cost and demand conditions are indicated below:

(a) Fill in the marginal revenue, average total cost, and marginal cost schedules for Smith's Quality Furniture, Inc. Graph these schedules on a price -quantity diagram.

(b) If the firm wants to maximize profits, what price should it charge? How large are the firm's expected profits (or losses) ?

(c) If the firm is currently charging $450 per table, what should it do if it wants to maximize profits?