Use the following table to answer this question [columns are…
Use the following table to answer this question Output Total Revenue Total Cost 1 $ 4 2 2 8 3 3 12 6 4 16 9 5 20 14 a. Using the rule for profit maximization of MC=MR, what is the short-run profit-maximizing level of output for the firm? (show your calculations) b. What type of firm is this? How do you know? c. Suppose the price of this product increases to $5 per unit but costs stay the same, what output should this firm produce now? d. What industry would this firm belong to? Why do you say that?