10. The data for a monopolistically competitive firm is given below:

Quantity	P	TR	MR	TC	MC	ATC	Profit
1	72			92
2	68			142
3	64			186
4	60			234
5	56			284
6	52			336
7	48			392
8	44			450

a. Complete the above table.

b. What output will this monopolistically competitive firm produce?

c. Is this firm experiencing excess capacity? If yes, calculate how much.

11. An owner of a local convenience store has put $300,000 into his business. Before starting his business, he was working in a restaurant. His annual salary was $25,000 per year. Savings accounts are currently paying 5% annual interest. The owner's total annual sales from the business are $60,000. His annual expenses are merchandise ($3000), rent ($1000), insurance ($500), and advertising ($200).

a. What is his annual accounting profit?

b. What is his annual economic profit?

c. Should this owner continue with his convenience store business?

d. Is it possible for a firm to incur an economic loss and earn an accounting profit at the same time? Explain.