Question 3 Amie sells basketballs in a perfectly competitive market. The table below summarises Amie's output per day {Q} and total cost (TC). Assume that the market price of a basketball is $10.00. Quantity TOW RBVGHUB Total Cost Average Total Cost Marginal Cost (5} (5} ($3 0 $10.00 1 15.00 2 17-50 3 22-50 4 30.00 6 52-50 7 also a) Complete the table (2 marks) b) What is Arnie's prot maximizing output? How much will be his prot (or loss)? Briey explain how you arrived at these answers. (3 marks) o} Is Arnie's business operating in the short run or long run? Briey explain why. {1 mark}