Production, Costs, and The Perfect Competition Model Case 1: + Below is the cost for a shoe firm: Output Variable Fixed Total Marginal Average Average Average Cost Cost Cost Cost Variable Fixed Cost Total Cost (VC) (FC) (TC) (MC) Cost (AVC) (AFC) (ATC) O PO P10 P10 2 P17 Co P25 4 P40 5 P60 6 P110 Required: 1. Complete the table above. 2. In a perfectly competitive market, if the price is P10 per shoe, determine the quantity to be produced to maximize profit. 3. Create a graph of the above costs (VC, FC, TC, MC, AVC, AFC, ATC) and revenue (MR). 4. In a perfectly competitive market, at what point do businesses go in, stay, shutdown their operations, or go out