1. Suppose rocking chair manufacturing isa perfectly competitive industry in which there are 1,000 identical firms. Each firm's total cost is related to output per day as follows: (15 points) Quantity Total Cost Variable Cost Average Total Cost Average Variable Cost Marginal Cost 0 500 1 1,000 2 1,300 3 1,500 4 1,800 5 2,200 6 2,700 7 3,300 8 4,000 a. Calculate the total variable cost, average total cost, average variable cost, and marginal cost at each output level. b. Plot the average total cost, average variable cost, and marginal cost curves for a single firm. Remember the values for marginal cost are plotted at the midpoint of the respective intervals. c. What is the firm's supply curve? (Say it in words). d. How many chairs would the firm produce at the following prices? (assume it does not produce fractions of chairs) Quantity Supplied by single firm Price $350 $450 $550 $650