u NOTICE Most features are disabled because your Office product is inactive. To use for free, sign in and use the Web version. Activate Use free at Officetcom 2. Esma's Day Spa began to offer a relaxing aromatherapy treatment. You are the firm's economic advisor. Esma asks you how much to produce and what price to charge in order to maximize prots. Based upon information in the table on the next slide, answers the questions below. Please provide complete explanations. For each level of output, calculate total revenue, marginal revenue, average total cost, and marginal cost. Complete the cost and revenue table below. What is the prot-maximizing level of output for the treatments? What is the prot-maximizing price the rm should charge? Is the rm earning economic prots or losses? What is the size of the rm's economic profits or losses? What will happen in the long run? peeps? The demand curve for the treatments is given by the rst two columns in the table below (remember, demand shows us the relationship between price and quantity). The rm's total costs are given in the third column. Price Quantity Total Marginal Total Marginal Average Revenue Revenue Cost Cost Total Cost $24.00 10 $275 $23.00 20 $435 $22.50 30 $610 $22.00 40 $300 $21.60 50 $1,005 $21.20 60 $1,225 3. Compare the long run outcomes of a perfectly competitive firm with a monopolistically competitive rm