Cost, price (Rand) 0 arks] Question 2 The following diagram shows the cost curves of a firm under perfect competition 20 20 12 8 60 80 100 MC AC Price AVC Output per day a. How much will the firm produce to maximise profits at a price of R20.00 per unit? (3) b. What will be its average cost of production at this output? (4) c. What is the total revenue of the profit-maximising firm in the short run? (2) d. How much profit will it make? (show calculations) (4) e. Below what price will the firm shut down in the short run? (2)

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