You are hired as a general manager to a firm in a perfectly competitive market that sells Product X at a market price of $30 each. The firm's cost scheduled is as follows:
|
Quantity
|
Price
|
TR
|
TC
|
Profit
|
MR
|
MC
|
FC
|
VC
|
ATC
|
AVC
|
|
0
|
|
|
10
|
|
|
|
|
|
|
|
|
1
|
|
|
25
|
|
|
|
|
|
|
|
|
2
|
|
|
45
|
|
|
|
|
|
|
|
|
3
|
|
|
70
|
|
|
|
|
|
|
|
|
4
|
|
|
100
|
|
|
|
|
|
|
|
|
5
|
|
|
135
|
|
|
|
|
|
|
|
|
6
|
|
|
175
|
|
|
|
|
|
|
|
Fill in the above table.
Based on your answer in a), what is the firm's profit maximizing level of output?