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Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50 + 792 Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is: Demand QD = 120 - P where P is the price and @ is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? 0 50 + 79 Which of the following represents the equation for each firm's average total cost? 30 + 79 50 + 79 Complete the following table by computing the marginal cost and average total cost for q from 5 to 15. (Units Marginal Cost Average Total Cost (Dollars) (Dollars) 8 9 10 11 12 13 14 15 1.1.1.The average total cost is at its minimum when the quantity each firm produces (q) equals Which of the following represents the equation for each firm's supply curve in the short run? 392 0 q 9 2 10 0 50 - q 5