5. Suppose a firm has the following cost curves, depicted in the graph below. +5 a. Suppose price is $30. What is the best level of output to produce? (Hint: use the rule to maximize profit/minimize loss) b. What is the profit or loss? Calculate a value and demonstrate what the profit would look like on a graph. Wyae' Stewart c. What is the firm's total cost at this level of output (Hint: think about how ATC is related to TC). d. At what price would the firm no longer operate? Can you calculate fixed cost at that price? (Hint: think about the gap between ATC and AVC and how to get from AFC to FC). 40 45 50

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