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2. (42 points) You are given the following information about the costs of production for a firm. Quantity FC VC TC AFC AVC ATC 0

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2. (42 points) You are given the following information about the costs of production for a firm. Quantity FC VC TC AFC AVC ATC 0 60 0 MC 1 60 130 2 60 40 3 60 4 60 28 5 60 60 270 6 60 120 A) (12 points) Complete the table above. B) (30 points) Suppose the firm operates in a perfectly competitive market. Based on the information in part A, complete the following table: Market Price Profit maximizing Profit level of output $34 $44 $56 $66 $106

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