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Question 2 (6 marks) (references not needed) A bakery shop produces cakes in a perfectly competitive cake market. Fixed Variable Marginal Cakes Total costs Average total costs Average variable costs costs (Q) (FC) (VC) (TC) (MC) costs (ATC) costs (AVC) 0 $1,200 SO NA NA NA 150 $1,200 $360 250 $840 350 $1,440 450 $2,160 550 $3,000 650 $3,960 750 $5,040 850 $6,240 950 $7,560 1050 $9,000 a. Fill in the missing values in the table (3 marks) b. Suppose the equilibrium price in the cake market is $12. How many cakes per day should the firm produce, and how much profit per day will the firm make