Complete the following cost and revenue schedule

Average

QuantityTotal Marginal TotalMarginalTotal

PriceDemandedRevenueRevenue CostCostCost

$200 $8

$181 $14

$162 $22

$143 $32

$124 $44

$105 $58

$86 $74

$67 $92

$48 $112

$29 $147

a. Graph the demand, MR, and MC curves.

b. At what rate of output are profits maximized within this range?

c. What are the values of MR and MC at the profit-maximizing rate of output?

d. What are total profits at that output rate?

e. If a competitive industry confronted the same demand and costs, how much output is produced in the short run?

f. What would happen to long-run price in perfect competition?