Use a chart in Word (or another word processing or spreadsheet software) to answer the following question. Upload your completed chart here and explain your answer.

1. The Better Sweater Company sells stylish sweaters for $20 each. Fixed costs of production are $20. The total variable costs are $20 for one sweater, $25 for two sweaters, $35 for the three sweaters, $50 for four sweaters, and $80 for five sweaters. In the form of a table, calculate total revenue, marginal revenue, total cost, and marginal cost for each output level (one to five units). -What is the profit-maximizing quantity of output? Please explain this using the relationship between marginal revenue and marginal cost. -How much profit the firm will earn if they produce this quantity of output?
2. A perfectly competitive firm may earn economic profits in the short run, but those profits will disappear in the long run. Why does this happen?