Question: (42 total points) Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.

1. (27 points) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar).

   Quantity of Output	Price	Total Cost	Average Total Cost
   1
   2
   3
   4
   5
   6
   7
   8
   9

2. (10 points) How much output will this firm produce if it maximizes profit?
3. (5 points) What price should this firm charge if it wants to maximize profit?

Price: $2.99

Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document