8-4 Describe a perfectly competitive firm's short-run supply curve 7. (The Short-Run Firm Supply Curve) Use the following data to answer the questions below: 0 VC MC AVC 1 2 3 4 5 6 7 8 9 $10 $16 $20 $25 $31 $38 $46 $55 $65 a. Calculate the marginal cost and average variable cost for each level of production. b. How much would the firm produce if it could sell its product for $5? For $7? For $10? c. Explain your answers. d. Assuming that its fixed cost is $3, calculate the firm's profit at each of the production levels determined in part (b)