Question: Please help The following table shows the short-run cost data of a perfectly competitive firm. Assume that output can only be increased in batches of

Please help

The following table shows the short-run cost data of a perfectly competitive firm. Assume that output can only be increased in batches of 100 units. Quantity Total Cost Variable Cost (dollars) (dollars) 0 $1000 $0 100 1360 360 200 1560 560 300 1960 960 400 2760 1760 500 4000 3000 600 5800 4800 a. Explain how a firm chooses quantity to maximise profit in a competitive market. (2 marks) b. What is the firm's fixed cost? (1 mark) c. Suppose that market price is $8. What is the profit maximising level of output (3 marks) d. Suppose that market price is $8. What is the firm's profit? (2 marks) e. Suppose the fixed cost of production rises by $500 and the price per unit is still $8. What happens to the firm's profit-maximising output level? (2 marks) f. What is the price level below which the firm will not produce in the short run? (2 marks) A BIE .NEO a. d

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