1) Complete the following table of costs: TFC+TVC TC-TFC 150 TC/Q QuantityTC MC TVC TFC ATC 0 $ 150 1 200 2 230 3 280 4 360 5 480 2) Assume that the prevailing market price of the above firm is $150. a. How many units should this firm produce? b. Would this firm earn a profit or a loss? c. How much of a profit or loss would it be? 3) One reason for the decreasing prices of tablet computers may be the large profits earned by the first producers of tablets. Why might this be? 4) What might be some undesirable aspects of perfect competition from the viewpoint of producers? 5) What might be some undesirable aspects of perfect competition from the viewpoint of consumers? HINT TC = TFC + TVC TVC = TC - TFC TFC = $ 150 ATC = TC/Q