Part 1 - Chart Practice- Assume that you sell homemade birdhouses. Your only fixed cost is the weekly rent you pay to use a small workshop. Use the chart below showing your weekly total cost for different quantities of birdhouses to answer the questions. 1. How much does it cost to rent your workshop each week? Total Quantity Marginal Cost Cost 0 $30 2. What is the profit maximizing quantity if you can sell each birdhouse for $50? 1 $40 2 $48 3. Calculate your profit or loss if you can sell each birdhouse for 3 $54 $50. Show your work. 4 $66 5 $80 4. If the price is $50, will other birdhouse producers enter the 6 $102 market or exit the market in the long-run? Explain you answer. 7 $135 8 $190