Question: The data in the following table give information about the price P (in dollars) for which a perfectly competitive firm can sell a unit of

The data in the following table give information about the price P (in dollars) for which a perfectly competitive firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is TR, marginal revenue is MR, and profit is it. Fill in the blanks in the following table. (Enter your responses using integers.) P = 50 P = 40 C MC TR MR TR MR 0 100 150 2 178 198 A 212 5 230 250 272 8 310 9 355 10 410 11 475 Show what happens to the firm's output choice and profit if the price of the product falls from $50 to $40. If the market price falls from $50 to $40, then the firm's output will from units to units. (Enter your responses using integers.) Further, profit will from $ to $ . (Enter your respo decrease increase
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