Using the information in the table above, complete the following supply schedule for a company in perfect competition, and determine the amount of profit (positive or negative) at each level of output. [hint: at each price level, how much is the MR of the additional production of one output? Combine these results with the MC of each additional production of one output to get the quantity supplied.] (FILL IN THE TABLE B)

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.