(a) Fill in table. (b) Using your own piece of graph paper, draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves. (c) Calculate the firm's total profit. (d) If the firm operates at optimum efficiency, how much will its output be? (e) If the firm were a perfect competitor, how much will its price be in the long run?
(a) 
(b) 
(c) There are two ways to calculate total profit:
(1) Total Profit = Total Revenue - Total Cost
= $90 - $53
= $37
(2) Total Profit = (Price - ATC) × Output
= ($18 - $10.60) × 5
= $7.40 × 5
= $37
(d) 5.05; (e) $10.58
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