Formuale used to calculate the values in the table are: Price = $6 Fixed Cost = 2 Variable Cost = Total Cost - Fixed Cost Marginal Cost = (ATC / AQ) Total Revenue = Price * Quantity Marginal Revenue = ATR / AQ Profit = TR - TC TABLE Q Fixed Cost Variable Cost Total Cost Marginal Cost Total Revenue Marginal Revenue Profit O 2 2 O -2 2 8 10 8 6 6 -4 2 2 10 12 2 12 6 O 2 13 15 18 6 3 2 17 19 4 24 6 5 2 22 24 5 30 6 6 2 28 30 6 36 6 6 2 36 38 42 6 41. The table below shows the total costs of an individual firm in a competitive market. It can sell its output at $5 per unit. a. Complete the table. (5 points} b. How would you use the marginal principle to determine the quantitv that each firm should produce to maximize profit. lv'erifv that profit is indeed maximized at that quantitv. (5 points} c. Suppose the fixed costs of an individual firm are now $10. Reproduce the table above. Does this affect (ii the quantity the firm should produce to maximize profit in the short run, and (ii) the level of profit the firm earns in the short run? Explain. {5 points) d. Suppose the fixed costs continue being $10. Predict whether the number of firms in the market, the market price of the good, and the quantity produced by each firm, will change in the long run. Explain. (5 points]