Question: (25 total points). You are given the following information about the cost of a perfectly competitive firm.

Quantity FC VC

0 45 0

1 45 20

2 45 35

3 45 45

4 45 75

5 45 120

6 45 180

You are hired to determine the profit maximizing quantity of the firm for different market prices. Complete the table below.

Market Price Profit maximizing level of output Total Revenue Total Cost Profit

$14

$18

$44

$53

$70