Question 1 Natural Salt is one of the 350 price-taker firms in Country X producing and selling salt. The market price of salt is $16 per bag and Natural Salt has a fixed production cost of $13,000. The firm's variable cost schedule is shown in following table. Total Variable Cost ($) Quantity (bag) 0 1,500 2,000 2,500 3,000 3,500 0 10,500 12,000 20,000 30,000 42,000 (a) Construct ONE new table based on the above data, which includes the following columns to calculate Natural Salt's total revenue, average variable cost, average total cost and marginal cost. Round your answers to one decimal place if applicable. (4 marks) Quantity (bag) Total Average Average Revenue ($) Variable Cost Total Cost ($) ($) Marginal Cost ($) (b) What is the competitive equilibrium condition of a price-taker firm? Determine the profit- maximizing output, price and economic profit (loss) of Natural Salt. (4 marks)