10. Suppose that price of a product is $12 per unit for a competitive firm. Answer the following questions.

Quantity Total Revenue Total Cost

0 $10

1 17

2 25

3 34

4 44

5 55

6 67

7 80

8 94

9 109

a. Complete the column of total revenue above.

b. What is the market structure this firm is facing?

c. Compute MR, AR, AC, AFC, AVC, and MC.

d. Draw a graph showing P, AR, MR, AVC, ATC, and MC, and the identify the profit maximum level of output.

e. Draw a graph showing TR, TC and indicate the profit maximum level of output.