5. a) The following table gives the total cost structure for one of many identical firms in a perfectly competitive industry. Complete the table by computing total variable cost, average total cost. average variable cost, and marginal cost at each level of output. Total Average Average Quantity Total Variable Tala Variable Marginal lunits Coil Cost Cost Cost Cost per day [dollars] (dollars) [dollars) (dollars) (dollars) 12 24 N - 32 3 42 54 68 84 b) Complete the following table by computing the profit (per day) for the firm at each level of output if the price of output is $9, $11, or $15. Quantity lunits Profit Profit Profit per dayl P - $9 P - $11 P - $15 c) Consider the profit-maximizing output decision of the firm at alternative prices. How much will the firm produce if the price of output is $97 $117 $15? Explain each of your answers. A firm will maximize profit if it produces every unit of output for which marginal revenue exceeds marginal cost. This is sometimes called the marginal approach to profit maximization. Using the marginal approach, determine the profit-maximizing level of output for the firm of question 5 when the price of output is $15. How does your answer here compare with your answer in 5 c)7