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PART I. output and cost data are expressed in thousands of dollars and each item sold for $5.00 PART II. Suppose a firm is faced with the demand schedule shown below and the following cost data. Price is $5.00 regardless of the level of Q. 7) Fill in the blanks, including MR and MC, then answer the questions which follow. (1) Complete the table. After you complete the table, answer the questions which follow. Price Q TR MR ATC TC = MC Profit Output Price TFC TVC TC MC AVC ATC TR MR AR Profit or Loss or Loss 0 $5.00 75 0 -- be 0 0 $115 0 0 careful $100 1 100 100-0/1-0 = $105 $105 145-105 / 2-1= -$5 or (5) 10 25 100 40 $83 2 166 166-100/ 2-1 = $72.5 $145 180-145 / 3-2 = $21 66 35 20 45 $71 3 213 47 $60 $180 30 $33 30 65 $63 4 252 39 $52.5 $210 35 $55 5 $275 23 $49 $245 40 40 95 $48 6 $47.5 $3 50 145 $42 7 6 $47.14 $330 $36 $37 8 $48.13 -$89 60 220 $33 9 $297 $50 75 70 310 $29 10 $290 -7 $52.5 $525 -$235 80 75 410 (8) The Market Structure of this firm is How do you know? (9 ) What is the profit max or loss min rule for this firm? (2) The Market Structure of this firm is: . How do you know? (10) With this data, this firm produce _ _units of output and charge a price of. (11) What is the firm's maximum profit or minimum loss (3) On the table, circle the point where MR = MC (or close). (4) The profit max or cost min output is _ (12) What curves do you need to show the profit or loss of this firm? List. (5) What is the price at which this enterprise would shut down? Then graph the Demand Curve, and the Marginal Revenue Curve ONLY. (6) What curves would you graph to show the profit or loss of this firm? List. (You do not need to draw the curves, just let me know that you know what you need to show profit or loss graphically.)