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Question 2 The table below shows the output and the cost data of a perfectly competitive producer. Total Marginal Revenue Total Revenue Marginal Quantity (TR)

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Question 2 The table below shows the output and the cost data of a perfectly competitive producer. Total Marginal Revenue Total Revenue Marginal Quantity (TR) Cost (TC) Profit (MR) Cost (MC) 0 5 2 6 9 14 20 6 28 7 40 a. Assuming a market price of $5, fill in the remaining columns in the table (4 marks) b. What is the profit-maximising level of production? What is the profit? Explain how did you determine the profit-maximising level of production? (2 marks)

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