1. Suppose a perfectly competitive firm has the following data:

Quantity Total Variable Cost Marginal Cost Average Variable Cost

1. 0
2. 50 _____________ ________________
3. 80 _____________ ________________

5 120 _____________ ________________

7 180 _____________ ________________

9 280 _____________ ________________

1. Fill in the blanks in the above table
2. If output price = $22, what is the short run profit maximizing/loss minimizing quantity?

1. If P = $25, what is the profit-maximizing quantity?

1. If P = $35, what is the profit-maximizing quantity?

1. If P = $50, what is the profit-maximizing quantity?

1. If the firm was producing 7 units and selling them for $35 each, and total fixed costs were $50, what would be the amount of the firm's profit or loss?