1. Fill in the following table for a product in a purely competitive market. The market price for the good is $32. Use the total revenue-total cost approach to

(a) evaluate at what quantity the firm can maximize its profits.

(b) What is the marginal revenue at that quantity?

(c) What is the marginal cost at that quantity?

Total product output	Total fixed cost	Total variable cost	Total cost	Total revenue	Profit/Loss
0	$50	$0	$	$	$
1	50	5
2	50	15
3	50	30
4	50	50
5	50	75
6	50	105
7	50	140
8	50	185

1. Use the graph to the right and the letters in it to answer these questions: