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Assume a perfectly competitive market and fill in the following table and answer following questions.
2) Assume a perfectly competitive market and fill in the following table and answerthe following questions.Price (P)QuantityTotalTotalMarginalMarginalProfit(Q)RevenueCostrevenueCost(TR)(TC)(MR)(MC)7000100055021900340028003500a) What quantity should a profit maximizing firm produce at the equilibrium?Explain.b) Show profit maximizing level of output for this firm on a graph. Make sure tolabel all the variables and axis on the graph.c) What should this firm do in the short run and long run? (Stay in the business orexit from the market). Explain your answer.d) Now assume that market price for the product falls to 400 TL while there is nochange in the total cost. Calculate the new equilibrium level of output and profit of
