QUESTION 18 How much profit is earned if the market price of basketballs is $12.50? What price (P) will be charged? Average Total Quantity Total Cost Cost Marginal Cost 0 $10.00 15.00 $15.00 $5.00 17.50 8.75 2.50 22 50 7.50 5.00 30.00 7.50 7.50 40.00 8.00 10.00 52 50 8.75 12.50 67.50 9.64 15.00 85.00 10.63 17.50 105.00 11.67 20.00 Arnie sells basketballs in a perfectly competitive market. Table above summarizes Arnie's output per day (Q). total cost (TC), average total cost (ATC) and marginal cost (MC) O Price and profit cannot be determined from the information given O profit = $52.50; P = $12.50 profit = $22.50, P = $12.50 profit = $75.00; P = $20