Consider the data in the table below. TC is total cost, T R is total revenue, and Q is output.
![720_af30b974-3cc5-4c0a-907a-36478117be4a.png](https://secure.tutorsglobe.com/CMSImages/720_af30b974-3cc5-4c0a-907a-36478117be4a.png)
(a) Add some extra rows to the table below and for each level of output calculate the MR, the MC and total profit.
(b) Next, compute AFC, AVC, and ATC for each output level, and draw these three cost curves on a diagram.
(c) What is the profit-maximizing output?
(d) How can you tell that this firm is in a competitive industry?