Assume that a perfectly competitive firm has the schedule of average and marginal costs given in the table below. (a) In the table below, complete the supply schedule for the competitive firm and state what the economic profit will be at each price. You must clearly show all calculations, otherwise marks will be deducted. (a) In the table below, complete the supply schedule for the competitive firm and state what the economic profit will be at each price. You must calculations, otherwise marks will be deducted. b) If there are 100 firms in the industry and all have the same cost schedule, complete the market supply schedule in the table below. b) If there are 100 firms in the industry and all have the same cost schedule, complete the market supply schedule in the table below. Answer the following questions: (1) What will the equilibrium price and quantity of the product be? (2) What will the profits of each firm be? Part ii) (3 marks) How would you describe the demand curve for the perfectly competitive firm and for the industry as a whole? Explain. Assume that a perfectly competitive firm has the schedule of average and marginal costs given in the table below. (a) In the table below, complete the supply schedule for the competitive firm and state what the economic profit will be at each price. You must clearly show all calculations, otherwise marks will be deducted. (a) In the table below, complete the supply schedule for the competitive firm and state what the economic profit will be at each price. You must calculations, otherwise marks will be deducted. b) If there are 100 firms in the industry and all have the same cost schedule, complete the market supply schedule in the table below. b) If there are 100 firms in the industry and all have the same cost schedule, complete the market supply schedule in the table below. Answer the following questions: (1) What will the equilibrium price and quantity of the product be? (2) What will the profits of each firm be? Part ii) (3 marks) How would you describe the demand curve for the perfectly competitive firm and for the industry as a whole? Explain