Question: Given the data in the table below for a perfectly competitive firm, calculate the missing values for MC & MR and find the profit maximizing

Given the data in the table below for a perfectly competitive firm, calculate the missing values for MC & MR and find the profit maximizing level of output: Output (units) Total Cost Marginal Cost Total Revenue Marginal Revenue 100 402 400 Number Number 112 440.4 448 Number Number 124 471.6 Number Number 136 519.6 544 Number Number 148 591.6 592 What is the profit maximizing level of output (Take the mid-point ) = |Number Assume the following regarding a firm in Perfect Competition: Market Demand = Qd = 580 - 5 p Market Supply = Qs = 10 P Each identical firm has: MC = 5 q ATC = 18 1. What price will the firm charge? Number 2. What is the firm's equilibrium quantity? Number 3. What is the firm's total cost? Number 4. What is the firm's total revenue? |Number 5. What is the firm's profit or loss? (use a negative sign to indicate a loss) Number 6. Is the firm in a short-run or long-run situation? Click for List

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