A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm would like to maximize profit and has hired a consultant for advice.

Price Q of Output Total Revenue Total Cost Total Fixed Cost

4.5 300 TR? 12,500TFC?

Total Variable Cost Average Total Cost Average Variable Cost MC

4,000 is at minimum level AVC? MC?

Part 1. Total Revenue

Part 2. Total Fixed Cost

Part 3. Average Variable Cost

Part 4. Marginal Cost

Part 5. What is the value of the profit or loss (-) at the current output ( include the - sign if it's a loss)

Part 6. Consultant's Advice: As a consultant, what advice would you giveto this firm:(Choose ONE answer from the following)**worth 5 marks 1. Firmshould do nothing; it is alreadyprofit maximizing/loss minimizing

2. Firm should reduce quantity of output

3. Firm should increase quantity of output

4. Firm should shutdown operations

5. The given number set is inconsistent