Suppose that the market for frying pans is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per p 100 90 80 70 28 899 60 50 40 30 20 10 0 0 ATC Z AVC 70.00 5 100.00 10 Price (Dollars per pan) 25.00 MC For each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the graph to identify its total variable cost. Assume that if the firm is indifferent between producing and shutting down, it will produce. (Hint: You can select the purple points (diamond symbols] on the graph to see precise information on average variable cost.) 15 20 25 QUANTITY (Thousands of pans) 30 35 40 45 50 Quantity (Pans) (?) Total Revenue Fixed Cost Variable Cost (Dollars) (Dollars) (Dollars) 1,600,000 1,600,000 1.600.000 Profit (Dollars)

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