Consider the following hourly demand and cost schedule for a firm f...

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Consider the following hourly demand and cost schedule for a firm facing a fixed price> (Tπ, is Total Profit).

Complete the columns for TR, MR, TFC, TVC, TC, ATC, AVC, and MC as well as those for (TC), TVC, & TFC.

a. Draw the curves for Demand (Price Vs. Quantity), MR (Marginal Revenue), ATC, AVC, and MC, all in one diagram. Also draw the Total Revenue (TR), Total Cost (TC), TVC, and TFC in a second diagram right below the first one (One we will call the Diagram Above, and the other, the diagram below).
b. Determine, in order to maximize profit. How many units this firm should produce and explain why.
c. Demonstrate the geometric areas (rectangles) of Total Revenue, Total Cost and Total Profit at the profit-maximizing level and calculate the values of each in the diagram above (and not the one below).
d. Show the Total Revenue, Total Cost and Total Profit at the profit-maximizing level in the diagram below.

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