The table bellow gives the short run total cost function for a typical firm in a perfectly competitive industry to answer 5 questions.

Short Run Total Cost Function
Quantity Produced	Total Cost ($)
0	20
1	27
2	38
3	53
4	72
5	95
6	122

1. What is the dollar value of the firm's total fixed cost? 2 points

2. Calculate the marginal cost of producing the first unit of output? 2 points

3. If the firm receives $23 for each unit, indicate the firm's profit maximizing quantity of output. 2 points

4. If market price is set at $5, what would you recommend to the firm? Explain in detail.2 points

5. Calculate profit/loss if the firm produces 6 units and the market price is $5? 2 points.