1. (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 PC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the ?rm produces is given by P = 27-3Q. a) (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 Price Total Cost Average Total Pro?ts ut Total Cost Revenue 1 2 3 4 5 6 7 8 9 b) (10 points) How much output will this firm produce if it maximizes profit?
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