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The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Average Average Total Total Marginal Marginal Total Variablel Output Cost Revenue Profi Cost Revenue Cost Cost 0 3 -3 XXX XXX 10 3 4 NE 20 11 2 10 4.5 3 10 30 20 1 10 3.3 2.3 12 40 2 10 3 2.25 16 50 34 4 10 3.2 2.6 6 22 60 38 6 10 3.7 3.17 30 70 40 10 4.3 3.86 40 80 40 10 10 5 4.63 52 90 38 12 10 5.8 5.44 10 68 100 32 16 10 6.8 6.5 1. Calculate the firm's profit at each rate of output and fill in the values in the table. 2. Calculate firm's marginal cost and marginal revenue at each rate of output and fill in the values in the table. 3. Calculate the firm's average total costs and average variable costs at each rate of output and fill in the values in the table. 4. Based on the information in the table above, plot marginal cost (MC) at each rate of output. Properly label this line. 5. Based on the information in the table above, plot marginal revenue (MR) at each rate of output. Properly label each line. 6. Based on the information in the table above, plot average total costs (ATC) and average variable costs at each rate of output. Properly label each line. 7. Highlight in yellow the short-run supply curve for this perfectly competitive firm. 8. Based on marginal analysis, what is the profit-maximizing rate of output for the firm
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