QUESTION 4 The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instruction: Use the nearest whole numbers on the graph when calculating numerical responses below. 2$ 48 44 - MC АТС 40 - 36 - 32- D'=MR 28 - 24 - AVC 20 - 16 - 12 - AFC 8. 4 0- 1 3 5 6 8. 9 10 11 Quantity a. What level of output should this firm produce in the short run? units. b. What price should this firm charge in the short run?P = $ c. What is the firm's total cost at this level of output? TC= d. What is the firm's total variable cost at this level of output? TVC = e. What is the firm's fixed cost at this level of output? FC = f. What is the firm's profit if it produces this level of output? Profits = $ g. What is the firm's profit if it shuts down? $ さ 8 e

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