CONSIDER TOTAL COST REVENUE GIVEN IN THE TABLE BELOW

Quatity: 0, 1, 2, 3, 4, 5, 6, 7,

Total cost: $8, 9, 10, 11, 13, 19, 27, 37

Total revenue: $0, 8, 16, 24, 32, 40, 48, 56

a. calculate the profit for each quantity. How much should the firm produce to maximize profit?

b. Calculate marginal revenue and marginal cost for each quantity. Graph them.(put the points beween whole cross) How does the answer relates to part(a)

c. can you tell whether this firm is in competitive industry? if so can you tell whether the industry is equilibrium.