This is a file upload question. Please hand-write your solut…
This is a file upload question. Please hand-write your solution in a piece of paper, take a picture and upload your file (or send me through Canvas Inbox or at haruko.muratainouye@chaffey.edu). Typed answers will not be accepted! Happy Bicycles sells kids bicycles for $72 each. Complete the table below with the information provided and calculate total cost (TC), marginal cost (MC), total revenue (TR), marginal revenue (MR), and profit or loss ( P or L) for each output (Q) level. Show your work for all variables (TC, MC, TR, MR, P or L) for Q = 1. For the remaining Q, you can only write the answer. Your file must have the completed table, your work for Q = 1, and the answers for the two questions below! Output, cost, revenue, and profit for Happy Bicycle Q FC VC TC MC TR MR P or L 1 $100 $64 2 100 84 3 100 114 4 100 184 5 100 270 What is the profit maximizing level of output? Justify your answer! What type of market structure does this firm belongs to? Justify your answer!