20 point problem: 24. A competitive firm can sell its product for a price of $5 in the market. Marginal costs are given,

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20 Point Problem 24 A Competitive Firm Can Sell Its Product For A Price Of 5 In The Market Marginal Costs Are Given 1 (40.82 KiB) Viewed 28 times

20 point problem: 24. A competitive firm can sell its product for a price of $5 in the market. Marginal costs are given, and fixed costs are $4. Fill in the following columns: price, total revenue, marginal revenue, fixed costs, variable costs, total cost, profit, and average total cost: Quantity Price TR MR FC VC TC MC Profit ATC 0 1 2 3 4 5 2 3 4 5 6 How muc should the firm produce to maximize profit? What price will it charge? What profit will it make? Is this firm in long-run equilibrium? Why or why not? Now, graph the MR and MC curves, labeling everything relevant. At what quantity do these curves cross, and what does this tell you?