1. The following table depicts output and cost curves for a particular firm.

Q	F	VC	TC	AFC	AVC	AC	MC
0	60	0	60	Infinite	Undefined	Infinite	Undefined
1	60	50	110	60.0	50.0	110.0	50.0
2	60	100	160	30.0	50.0	80.0	50.0
3	60		190	20.0	43.3	63.3	30.0
4	60	150	210	15.0	37.5	52.5	20.0
5	60	165		12.0	33.0	45.0	15.0
6	60	175	235	10.0	29.2	39.2	10.0
7	60	180	240	8.6	25.7	34.3	5.0
8	60	190	250	7.5	23.8	31.3	10.0
9	60	205	265		22.8	29.4	15.0
10	60	225	285	6.0	22.5	28.5	20.0
11	60	255	315	5.5	23.2	28.6	30.0
12	60	290	350	5.0		29.2	35.0
13	60	330	390	4.6	25.4		40.0
14	60	375	435	4.3	26.8	31.1	45.0
15	60	425	485	4.0	28.3	32.3	50.0
16	60	478	538	3.8	29.9	33.6

1. Fill in all blank spaces. (6)

1. Is the optimal output 7 because that minimizes marginal cost? (2)

1. Is the optimal output 13 because that minimizes average cost? (2)

1. If each unit of output can be sold for $30, what should the firm do? Please explain. (3)

1. If each unit of output can be sold for $50, what should the firm do? Please explain. (3)

1. If this firm is in perfect competition, predict the long run price per unit, as near as possible? (2)