Consider the perfectly competitive firm pictured above the firm is earning: economic profits, since its price is above AVC, Losses, since it is operating at the shutdown point, norpmal profits, since its price just covers total costs, normal profits, since its price is above AVC or Losses, since its price is not higher than ATC

Perfectly competitive firm Doggies Paradise Inc. sells winter coats for dogs. Dog coats sell for 72 each. The fixed costs of production are 109. The total variable costs are 54 for one unit, 84 for two units, 114 for three units, 134 for four units, and 270 for five units. 111 the fauna of a table, calculate total revenue, marginal revenue, total cost and marginal cost for each output level (one to five units). On one diagram, sketch the total revenue and total cost curves. On another diagram, sketch the marginal revenue and marginal cost curves. What is the profit maximizing quantity?