Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. A competitive firm's cost of producing q units of output is C = 18 + 4q + q . Its corresponding marginal cost is MC = 2q + 4. C 18 + 4q + MC = 4 + 2q a) The firm faces a market price p = $24. Calculate the revenues, total costs, variable costs, profits, average variable costs, and marginal costs for q = 0, 1, 2, . . ., 15. P = $24 R C VC AVC MC Profit Show Equations 10 1112 13 14 15 Determine the profit-maximizing output for the firm and the corresponding profit. The maximum profit is when the output is The firm should as the price is the average variable cost. b) Suppose the competitive price declines to p = $12. Repeat the calculations of part (a). P = $12 R C VC AVC MC Profit 1011 12 13 14 15 Determine the profit-maximizing output for the firm and the corresponding profit. The maximum profit is when the output is The firm should as the price is the average variable cost