Suppose that the perfectly competitive firm with the costs and revenues shown in the figure to the right is contemplating whether or not to produce 12 units of output. If the firm were to produce the 12th unit and, in doing so, increase its hourly total costs to $70 from $56, what would be its marginal cost? Would producing 12 units maximize the firm's profits? What would be the firm's total revenues per hour? What would be its hourly economic profits? MC If it were to produce the 12th unit, the firm's marginal cost would be MC = $ 14 per unit. Since the market price is P = $ 3 per unit and this price equals the firm's marginal revenue, marginal $3 is larger than | marginal revenue, and producing the 12th unit would not |satisfy the Price and Marginal Cost ($ per unit) cost | d profit-maximizing rule. The firm's total revenue would equal $ 36 per hour and economic profits would equal S per hour. (Enter your responses as whole numbers and include a minus sign if necessary.) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Output (units per hour)