1. The data in the table below give information about the price (in dollars) for which a firm can sell a unit of out- put and the total cost of production. a. Fill in the blanks in the table. b. Show what happens to the firm's output choice and profit if the price of the product falls from $60 to $50. R MC MR R MR q P P= 60 ( P= 60 P= 60 P= 60 P= 50 P= 50 P = 50 0 60 100 1 60 150 2 60 178 3 60 198 4 60 212 5 60 230 6 60 250 7 60 272 8 60 310 9 60 355 10 60 410 11 60 475 a dea 0:16 5. The short-run market supply curve is the horizontal necessary for a market to be are summation of the supply curves of the firms in an industry, It can be characterized by the elasticity of $11 are necessrket s In light of what 2 Explain why the industry