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A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $150.Output FC VC TC TR Profit/Loss0 $100 $ 0 _______ _______ _______ 1 100 100 _______ _______ _______2 100 180 _______ _______ _______3 100 300 _______ _______ _______4 100 440 _______ _______ _______5 100 600 _______ _______ _______6 100 780 _______ _______ _______a. Complete the table. b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm’s marginal revenue at each positive level of output? Its average revenue? d. What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit-maximizing (or loss-minimizing) rate?

1. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $150. (a) Output Variable Total Total cost0 Fixed cost…