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# consider total cost and total revenue given in the table bellow:

consider total cost and total revenue given in the table bellow:
quantity total cost total revenue
0 \$8 0
1 \$9 8
2 \$10 16
3 \$11 24
4 \$13 32
5 \$19 40
6 \$27 48
7 \$37 56
a. Calculate profit for each quantity. How much should the firm produce to maximize profit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2 1/2.)
At what quantity do these curves cross? How does this relate to your answer to part (a)?
c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?

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