PERFECT COMPETITION SHORT RUN COST STRUCTURE & REVENUE STRUCTURE 6. Complete the "perfect competition" immediately below table by calculating all the values. (It is worth spending 30 minutes to learn some Microsoft Excel or Google Sheets skills to complete this assignment. Get some help.) 7. What is the rule for determining the daily output (production level) that will maximize short run profits? 8. Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price, marginal cost, and profit at that daily output. Explain. 9. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at that daily output. Explain. 10. Provide two graphs: i) daily output on the x-axis and on the y-axis total daily fixed costs, total daily variable costs, total daily costs, and total revenue when price equals $6; ii) daily output on the x-axis and on the y-axis daily average fixed costs, daily average variable costs, daily average total costs, and price equals $6. Total Total Total Total Total Price = Revenue Profits Daily Total Average Average Average Daily Daily Total Marginal Fixed Variable Marginal (When (When Output Daily Fixed Variable Costs Costs Costs Price = Price = Costs Costs Revenue and Sales Costs Costs $?) $?) of Pizzas 0 10 (10) 10 10 A 10 6 10 4 10 9 5 10 13 6 10 19 10 27 8 10 37 9 10 49 10 10 63