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The following table shows the cost information for a firm in a perfectly competitive industry. The market price is $48 and the firm chooses their optimal quantity. Calculate their profit. FO VC TC MC AFC AVC ATC 20 20 20 16 36 16 20.0 16.0 36.0 20 34 54 18 10.0 17.0 27.0 20 54 74 20 6.7 18.0 24.7 20 76 96 22 5.0 19.0 24.0 20 100 120 24 4.0 20.0 24.0 20 126 146 26 3.3 21.0 24.3 20 154 DWN SOOO VOULAWN- 174 28 2.9 22.0 24.9 20 184 204 30 2.5 23.0 25.5 20 216 236 32 2.2 24.0 26.2 20 250 270 34 2.0 25.0 27.0 20 286 306 36 1.8 26.0 27.8 20 324 344 38 1.7 27.0 28.7 20 364 384 40 1.5 28.0 29.5 20 406 426 42 1.4 29.0 30.4 20 450 470 44 1.3 30.0 31.3 16 20 496 516 46 1.3 31.0 32.3 17 20 544 564 48 1.2 32.0 33.2 18 20 594 614 50 1.1 33.0 34.1 19 20 646 666 52 1.1 34.0 35.1 20 20 700 720 54 1.0 35.0 36.0