Assume that a rm in a perfectly competitive industry faces a prevailing market price of $75 and has the following total cost schedule: Quantity ' TC TR Prot/Loss MC MR 0 300 20 700 40 1 ,000 60 1 .900 80 ' 2,900 100 4,400 120 6,900 130 10,000 140 15,000 1. a) Complete the schedule above. 2. b) How much should this firm produce in order to maximize prot and how much would its prot be? Explain using the concepts of MR and MC C) Is the firm in a long run or short run equilibrium? Explain 4. d) Giventhecircumstanceinquestion30)ifnewfirmswereattractedtothismarket, what would be the main consequence for this competitive rm in terms of prices received; quantity produced and profit? U.)