(b) The following table shows the total cost incurred by a rm in the short run. (ii) Output Total cost ($) 0 120 1 300 2 400 3 480 4 600 5 800 6 1,100 Calculate the average total cost and the marginal cost of all the outputs. Explain the importance of knowledge of the average total cost and the marginal cost to the producers. (16 marks) If the rm is operating in a perfectly competitive market and is able to sell any amount of its output at the price of $2 50 per unit, appraise the revenue and cost situations to establish the optimal quantity and calculate the prot or loss of the rm. Examine the market structure and predict the changes in the price and quantity of this rm in the long run. (14 marks)