Question: Please I need help Question 32 (10 marks) I will answer this question Suppose that a firm has fixed costs of $5 and a constant

Please I need help

Question 32 (10 marks) I will answer this question Suppose that a firm has fixed costs of $5 and a constant average variable cost of $7.50. Price and its variable costs are shown in the table below. Next Price Quantity VIR MC Profit 618 ($5) $16 300 305 OC 600 1.440 900 200 200 1500 1800 280 2100 320 2400 360 2700 (2,705) a. Calculate the total revenue (TR) and total cost (TC) if the (2 marks) i. price is $6 and quantity is 240. i. price is $14 and quantity is 80. b. Calculate the marginal revenue (MR) and marginal cost (MC) if the (2 marks) iii. price is $12 and quantity is 120. li. price is $8 and quantity is 200. c. Calculate the profits or losses if the (2 marks) i. price is $6 and quantity is 240. i. price is $10 and quantity is 160. d. What will be the profit-maximizing price and quantity for this firm? Why? Is this a long-run equilibrium? (2 marks) e. Is this firm a competitive firm? How you can tell? (2 marks) Font Size

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