Solve clearly

Bill used to work for another company where he made $30,000 a year; doing some research, he figures he could make that somewhere else too. But for now he's running a profit-maximizing perfectly competitive firm that sells 20,000 units at a price of $6 each. The firm pays total costs of $70,000 for the labor and capital it uses to produce. Calculate the firm's economic profits, carefully following all numeric instructions. You will use this information again in the next question. 20,000 D Question 9 2.5 pts Consider again the firm described in the previous question. Assuming this firm is typical of others in the market, in the long run, we would expect to see new firms to enter, lowering economic profits for this firm existing firms to leave, lowering economic profits for this firm new firms to enter, raising economic profits for this firm existing firms to leave, raising economic profits for this firmFill in the blanks: Consider the table from previous questions one last time. For the range depicted, as quantity rises ATC falls because AFC is falling ATC rises because AFC is rising O ATC falls because AVC is falling O ATC rises because AVC is rising Question 17 2.5 pts Consider a perfectly competitive firm with the following information: Its average revenue equals $3 per unit sold. Its total costs are as follows: Units Sold Total Costs 99 $311 100 $314 101 $318 102 $323 103 $329 How many units should the firm produce? Carefully follow all directions. 3