Complete the following short-run cost table for a perfectly competitive firm using the information provided Q TFC TVC TC AFC AVC АТС MC -- 1 $24 -- -- $24 $20 $120 4 $112 a. Fill in the table above b. Should this firm produce, why or why not c. If market price for this product is $32, how much is the profit maximizing level of output. d. At that level, how much is the profit, or loss, or breakeven e. How much is marginal revenue f. Draw the graphs to show part d, with the MR, MC, D, ATC and AVC graphs for this market

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