1. Complete the following schedule of data for a perfectly competitive firm.

1. Complete the following schedule of data for a perfectly competitive firm.

Q TC ATC MC PRICE TR MR PROFIT

0$ 20.00 ______ $26.50 ______ ______

_______ ______

131.50 ______ ______ ______ ______

_______ ______

2 38.00 ______ ______ ______ ______

_______ ______

3 42.50 ______ ______ ______ ______

_______ ______

4 48.00 ______ ______ ______ ______

_______ ______

5 57.50 ______ ______ ______ ______

_______ ______

6 74.00 ______ ______ ______ ______

_______ ______

7 100.50 ______ ______ ______ ______

_______ ______

8 140.00 ______ ______ ______ ______

_______ ______

9 195.50 ______ ______ ______ ______

_______ ______

10 270.00 ______ ______ ______ ______

a. What levels of output would maximize profits?

b. What are the values of MC and MR between these levels of output?

c. Draw a graph depicting MC ATC MR and Price.