The following table shows the cost information for a firm in a perfectly competitive industry.

The market price is $48 and the firm chooses their optimal quantity. Calculate their profit.

Q	FC	VC	TC	MC	AFC	AVC	ATC
0	20		20
1	20	16	36	16	20.0	16.0	36.0
2	20	34	54	18	10.0	17.0	27.0
3	20	54	74	20	6.7	18.0	24.7
4	20	76	96	22	5.0	19.0	24.0
5	20	100	120	24	4.0	20.0	24.0
6	20	126	146	26	3.3	21.0	24.3
7	20	154	174	28	2.9	22.0	24.9
8	20	184	204	30	2.5	23.0	25.5
9	20	216	236	32	2.2	24.0	26.2
10	20	250	270	34	2.0	25.0	27.0
11	20	286	306	36	1.8	26.0	27.8
12	20	324	344	38	1.7	27.0	28.7
13	20	364	384	40	1.5	28.0	29.5
14	20	406	426	42	1.4	29.0	30.4
15	20	450	470	44	1.3	30.0	31.3
16	20	496	516	46	1.3	31.0	32.3
17	20	544	564	48	1.2	32.0	33.2
18	20	594	614	50	1.1	33.0	34.1
19	20	646	666	52	1.1	34.0	35.1
20	20	700	720	54	1.0	35.0	36.0

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Firms in perfect competition are price takers As such Price Average Revenue AR Marginal Revenue MR F... View the full answer