(b) The following table shows the total cost incurred by a firm in the short run. Output 0 Total cost ($) 120 1 300 2 400 3 480 4 600 5 800 6 1,100 (i) (ii) 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 firm is operating in a perfectly competitive market and is able to sell any amount of its output at the price of $250 per unit, appraise the revenue and cost situations to establish the optimal quantity and calculate the profit or loss of the firm. Examine the market structure and predict the changes in the price and quantity of this firm in the long run. (14 marks)