Questions Below

Part 2: Maximizing Profit- Assume that the perfectly competitive firm and the imperfectly competitive firm have the same costs as shown in the table below. Fill in the table and answer the following questions. 2. What output would the perfectly competitive firm produce to maximize profit? Quantity Total Cost Marginal Average Cost Total Cost 3. How much profit would the perfectly 0 $10 competitive firm earn at the profit maximizing 1 $15 quantity? Show your work. 2 $18 3 $24 4. What output would the imperfectly 4 competitive firm produce to maximize profit? $34 5 $50 5. How much profit would the imperfectly 6 $72 competitive firm earn at the profit maximizing quantity? Show your work. 6. Would the perfectly competitive market or the imperfectly competitive market have a greater increase in the number of firms in the long-run? Explain