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The following table shows cost data for a perfectly competitive firm. Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $500

The following table shows cost data for a perfectly competitive firm.

Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost
1 $500 $120 $620 $120
2 250 108 358 95
3 167 97 263 75
4 125 88 213 60
5 100 81 181 55
6 83 78 161 60
7 71 78 149 80
8 63 81 144 105
9 56 87 143 135
10 50 96 146 170

If the product price is $55, the profit-maximizing output is

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