2. (5 points) Figure 6.1(an example of the calculations required to fill out this table are in your textbook

2. (5 points) Figure 6.1(an example of the calculations required to fill out this table are in your textbook
Output
tables/day Total cost Marginal Cost Average Total Cost
0 $250
1 260
2 280
3 315
4 370
5 470
6 650
A. In figure 6.1, what are the fixed costs of production? (hint: fixed costs are also known as “overhead.”)
B. In figure 6.1, assuming a perfectly competitive market, if the price of tables is $100, how many tables would this firm produce to maximize profit?
C. In table 6.1, assuming a perfectly competitive market, if the price is $100, and the firm is maximizing profits, what would be the profit the firm receives?
D. In table 6.1, assuming a perfectly competitive market, what would happen in this industry in the long run? Why?