Assume that a purely competitive rm has the schedule of costs given in the table below. Output TFC NO TO 0 5500 S 0 S 500 1 500 150 550 2 500 200 700 3 500 260 760 4 500 340 340 5 500 450 950 6 500 590 1 090 7 500 770 1 270 3 500 1 000 1 500 9 500 1290 1 790 1 0 500 1 650 21 50 (a) Complete the table below to show the total revenue and total prot of the rm at each level of output the rm might produce. Assume market prices of $50, $150. and $250. Bartlet price I 350 Market price 8 8150 Market price I 8250 Total Prot (+1 or Total Prot (+1 or Total Prot 1+) or Output revenue loss (1 revenue loss (~J revenue lose (-3 0 $_0 5 50 3 $0 5 1 50 150 250 2 100 300 500 3 150 450 750 4 200 600 1000 5 250 7'50 1250 a 300 900 1500 7 350 1050 1750 B 400 1200 2000 9 450 1350 2250 10 500 1500 2500 (b) Indicate what output the rm would produce and its prots in the following table. Quantity Profit (4-) Price supplied or lose [-1 S 50 S 150 250 -' :1 st in order to maximize e optimal price is $150 B. Since it is a perfectly competitive market, price must be equal to m prots. Firms take the price. so films' demand curve is flat and parallel to the x- .. and the quantity is 6 units. Prot = 6x150l,090