Part 1 (5 marks in total) Assume that a firm in a perfectly competitive industry faces a prevailing market price of $30 and has the following total cost schedule: Quantit TC TR Profit/Loss MC MR o | 10 | | 7 ] 3 | 600 | | 1 ] - ] L 90 1,800 | | ] - e e e e 150 | 4300 | | | ] 210 9,900 - 220 14,900 a) Complete the schedule above. (2 marks) b) How much should this firm produce in order to maximize profit and how much would its profit be? Explain using the concepts of MR and MC (1 mark) c) lIs the firm in a long run or short run equilibrium? Explain (1 mark) d) Given the circumstance in question 3c) if new firms were attracted to this market, what would be the main consequence for this competitive firm in terms of prices received; quantity produced and profit? (1 mark)