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2. Fill in the following cost, revenue, and profit columns: Q TC TVC AVC ATC MC P1 TR1 TC1 O 12 $10 1 14 $10

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2. Fill in the following cost, revenue, and profit columns: Q TC TVC AVC ATC MC P1 TR1 TC1 O 12 $10 1 14 $10 2 15 $10 3 17 $10 4 20 $10 5 25 $10 6 35 $10 7 50 $10 8 81 $10 Use the marginal approach to answer the following questions: a) If the price were $10 (P,) 1. Would the firm be willing to produce? ii. If so, how much? iii. Would it be earning economic profits? Explain. iv . Graphically show your results and show economic profit on your graph

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