QUESTION 3 A competitive firm's cost schedule is as follows: Output 10 Marginal Cost ($) 10 11 Average Total Cost ($) 12 10 8.75 8.2 8.13 8.33 8.6 Suppose that the market price of the good is $9_10_ Compare the marginal revenue with marginal cost to determine the output where profit is maximized. QUESTION 4 Continuing from the previous part, what is the firm's profit or loss at the profit-maximizing level of output? Please input your answer rounded to two decimal places.