Provide the best response for each question below. 1) Consider a firm in a competitive market (perfectly competitive market) with the following output (Q), price (P) and Total Cost (TC). . Q = 30, P = $4, TC = $126 . Q = 40, P = $4, TC = $138 . Q =50, P = $4, TC = $150 . Q =60, P = $4, TC = $165 . Q =70, P = $4, TC = $190 Compute Total Revenue (TR), Marginal Revenue (MR) and Profit for each. Between which output levels does the firm begin to have profits? . What is the relationship between MR and P? 2) Consider the cost curves for a firm below. t. Price MC ATC P4 AVC P3 P2 Q102 Q3 04 When price is P2 is the firm making a profit or a loss? Why? If price falls below P2 should the firm continue to operate? . When price is P4 is the firm making a profit or a loss? Why? At what price is the firm making zero economic profit