Output price TR MR TC ATC MC

1 22 30

2 21 42

3 20 51

4 19 60

5 18 70

6 17 82

7 16 98

i.Complete the table.

ii.Use graph paper and draw the graph of: the firm's demand (D), Marginal revenue (MR), Marginal Cost (MC) and Average total cost (ATC) curves.

iii.Calculate the firms total profit & use the formula Profit= (P-ATC)Q.

iv.What is the total revenue and total cost of this firm at the maximization output (i.e. profitability output)?

v.If the firm opperates at maximum efficiency, How much would it's output be?

vi.If this firm was a pefect competitor how much would its price be in the longrun period?