Suppose a firm has the following costs:

(a) If the prevailing market price is $12 per unit, how much should the firm produce?
(b) How much profit will it earn at that output rate?
(c) If the market price dropped to $8, how much output should the firm produce?
(d) How much profit will it make at that lower price?

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Output (units): Total cost: 11 10 12 13 14 $70 15 $80 16 17 18 $122 19 $50 $52 $56 $62 $92 $106 $140