1.Examine the cost data shown in Table 8-1 above . Calculate the

Supply Decision of Competitive Firm(1)(2)(3)(4)(5)(6)Marginal(7)Total costcost per unitAverage costPriceQuantityTCTotal revenueProfitMCACPTR = q x PD = TR - TC(S)(S)(S)(5)($)(S)055,0001,00085,00027854040,000-45.0002.000110,00022554080.000-30.0003.000130,0002143.3340120.000-10.0003.999159.960.0138.9840.000+10159.960-0.0139.994.000160,000404040160.000040.014,001160,040.0140.0240.000+40160.040-0.015,000210,000604240200,000-10,000TABLE 8-1. Profit Is Maximized at Production Level Where Marginal Cost Equals Price