b.Show what happens to the firm's output choice and profit if the price of the product falls from $60 to $50. Q P TR TC MR TR MR P=60 P=60 P=60P=50P=50P=50 060 100 1 60 150 60 178 3 60 198 60 212 6 230 60 272 8 0 35 60 410 476 The table below shows the firm's revenue and cost for the two prices 心 MR MR P=60 P=60 P=50 P=50P=50 0 60 0 10 00 100 150 50 60 0 50 100 2 60 120 178 58 28 100 180 198 1 50 4 240 212 28 2 300 230 18 250 6 60 360 250 110 20 50 50 0 420 272 148 350 8 480 310 170 50 90 60 540 355 1 45 60 450 50 10 6 600 410 190 6的 500 50 90 1160 G60 475 185 60 550 50 At a price of $60,the firm should produce ten units of output to maximize profit because this is the point cbsest to where price equals marginal cost without having marginal cost exceed price.At a price of $50.the firm should produce nine units to maximize profit. Whe n price falls from $60 to$50.profit falls from $190 to$95. what happ s to the firm's II t of production then to b. Show what happens to the firm’s output choice and profit if the price of the product falls from $60 to $50. Q P TR P = 60 TC  P = 60 MC MR P = 60 TR P = 50 MR P = 50  P = 50 0 60 100 1 60 150 2 60 178 3 60 198 4 60 212 5 60 230 6 60 250 7 60 272 8 60 310 9 60 355 10 60 410 11 60 475 The table below shows the firm’s revenue and cost for the two prices. Q P TR P = 60 TC  P = 60 MC MR P = 60 TR P = 50 MR P = 50  P = 50 0 60 0 100 -100 _ _ 0 _ -100 1 60 60 150 -90 50 60 50 50 -100 2 60 120 178 -58 28 60 100 50 -78 3 60 180 198 -18 20 60 150 50 -48 4 60 240 212 28 14 60 200 50 -12 5 60 300 230 70 18 60 250 50 20 6 60 360 250 110 20 60 300 50 50 7 60 420 272 148 22 60 350 50 78 8 60 480 310 170 38 60 400 50 90 9 60 540 355 185 45 60 450 50 95 10 60 600 410 190 55 60 500 50 90 11 60 660 475 185 65 60 550 50 75 At a price of $60, the firm should produce ten units of output to maximize profit because this is the point closest to where price equals marginal cost without having marginal cost exceed price. At a price of $50, the firm should produce nine units to maximize profit. When price falls from $60 to $50, profit falls from $190 to $95. 2. Using the data in the table, show what happens to the firm’s output choice and profit if the fixed cost of production increases from $100 to $150, and then to