\fActivity on Pure Competition (Chapter 10) Each person must have their own paper, but you can and should help each other! The following represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in the area is $10. Total Hourly Output Total Hourly And Sales of Pizzas Cost ($) 5 9 11 12 14 18 24 32 42 54 10 68 a. Calculate the total revenue and total economic profit for this pizza shop at each rate of output. b. Find the average total cost at each level of output. c. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output. Based on marginal analysis, what is the profit-maximizing rate of output for the pizza shop? (Hint- find where marginal revenue (MR) = marginal cost (MC). Use the formula P-A (Q) to get calculate the profit of the firm at the profit-maximizing output. e . Graph your data including marginal revenue, marginal cost, and average total cost Additional, non-graph question: when should a business continue to produce at a loss in the short run? Questions on Chapter 11 to answer in your group 1. Is it possible for a pure competitor to make an economic profit in the short run? If so, how? How about in the long run? 2. What is creative destruction? Think of something that would not have been popular or available for your use if the government had prevented creative destruction