This week you learned about how firms maximize profits. For this assignment, you will use the graphing template to create a graph that demonstrates the cost curves and profit maximizing output level for a perfectly competitive firm. To create this graph you will need a few key pieces of information. 1. The market price for this good is $3. This represents the firm's marginal revenue. 2. The table below details the revenue and costs faced by this firm. Firm Costs and Revenue Quantity Total Revenue Total Cost 0 0 3 1 3 5 2 6 6 3 9 8 4 12 11 5 15 16 6 18 21 Instructions 1. Use the information above to create a graph that includes: o Average total cost, marginal cost, and marginal revenue. o Indicate the profit-maximizing quantity and price for this perfectly competitive firm 2. Be sure to label your graph clearly and title your graph with the name of a firm that would exist in a perfectly competitive industry. Consider the characteristics of perfectly competitive markets