1. Table below contains data for firm A operating in a perfectly competitive market:

Fill in the blanks and answer questions a-c. (0.25 point each = 4 points)

(1)		(2)	(3)	(4)	(5)
Quantity Q	Market Price	Total Revenue	$ Marginal Revenue	$ Total Cost	$ Marginal Cost
0	$22	$	N/A	$1,500	N/A
50	$22	$1100	22	1,600	2
120	$22	$2640	22	2,000	5.7
180	$22	$3960	22	2,600	10
220	$22	$4840	22	3,400	20
250	$22	$5500	22	4,400	33.3

a) What is firm A's best profit maximizing level of output (Q)? Explain __________________(4 points)

b) At what level of output will firm A produce too many units of Q? ______________

Explain your answer.(3 points)

c)Briefly explain why MR and Price come to be the same for firms operating in these markets. (3 points)