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1. (25 points) table: Assuming the price of land is $10 per unit and the price of labor is $15 per unit, fill in the

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1. (25 points) table: Assuming the price of land is $10 per unit and the price of labor is $15 per unit, fill in the following Show your formulas! Units of Units of Output TFC Land TVC Labor TC ATC AVC MC 5 0 0 5 5 5 5 10 10 5 15 18 5 20 25 5 25 31 U 30 36 U 35 40 5 40 43 a. If the price of output is $10.71, how much will this perfectly competitive firm produce? What are the profits? Show all work! Show all work! b. If the price of output is $15, how much will this perfectly competitive firm produce? What are the profits

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