Assume that a purely competitive firm has the schedule of costs given in the table below. Output 0 1 2 3 4 5 6 7 8 9 10 TFC $500 500 500 500 Output 0 1 2 3 4 5 6 7 8 9 10 500 500 500 500 500 500 500 (a) Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250. Price $ 50 150 250 TVC $0 150 200 260 340 450 590 770 1000 1290 1650 TC $ 500 650 700 760 840 950 1090 1270 1500 1790 2150 $ Market price = $50 Total revenue Profit (+) or loss (-) $ Market price = $150 Total revenue $ Profit (+) or loss (-) $ Market price = $250 Total revenue $ (b) Indicate what output the firm would produce and its profits in the following table. Quantity Profit (+) supplied or loss (-) Profit (+) or loss (-) $