Draw the following graphs and explain the scenario where, a. Perfectly competitive firm that is carning profits and continues to operate.

Q1. Consider total cost and total revenue given in the following table qty 0 2 3 S 6 7 Total SR 10 11 13 19 27 37 cost Total SO 16 24 32 40 48 56 revenue a Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? (4) b. Calculate profit for each quantity. How much should the firm produce to maximize profit? (4) Whether this firm Justry or not? (2)