Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have a directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output 0 1 Total Cost $12 $14 $18 $24 $32 $42 $54 $68 2 3 4 5 6 7 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market pr (a) Calculate the average variable cost of the fifth unit. Show your work (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit