C. State the equation of the marginal revenue curve. Briefly explain. Graph the MR curve in the firm diagram above. d. i. Calculate, and show your work, the equation of the marginal cost curve and the equat of the average total cost curve. ii. Complete the tables. iii. Carefully draw both curves in the firm diagram on the previous page. Marginal Cost Equation: Average Total Cost Equation: Show your work q MC ATC 0 0 10 10 20 schemig 20 30 30 40 40 50 50 60 60 70 70 80 80 NOW 90 90 100 1001. A profit maximizing firm with short run total cost given by: TC = 0.3q2 + 20q + 200 is currently earning a loss of $300. Carefully and completely explain whether this firm should stay in business or shut down in the short run. 2. Very carefully label the short run supply curve for a perfectly competitive firm with costs represents in the graph below: Revenue and cost (dollars per unit) 50 .. !.. .. . . ." ... 40 -........ . . . . ..... 30 .......... 10 ..... .. . .. . . ..... 0 10 20 30 40 50 Output (units per day)e. Algebraically calculate how many gizmos you should sell to maximize profit (q*)? Show all your work. Label q* in the firm diagram above. f . Algebraically calculate your profit. Show all your work. g. Very carefully (using a different color for each if possible) label the following in the firm diagram above: total revenue (TR) total cost (TC) profit for the firm3. Suppose you are the owner of a small, perfectly competitive gizmo manufacturing company. The market demand and supply for gizmos as well as the costs of production in the short run are given by: Qd = 400 - 10P Qs = -50 + 5P TC =0.2q2 + 10q + 100 Market Firm a. Graph the demand and supply curves in the market diagram above. Be sure to show some work. You will need to figure out appropriate intervals to use on the axes. b. Algebraically calculate the equilibrium market price for gizmos. Show your work and label P* graph