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2. The following graph presents selected cost functions for a typical firm. The dashed lines are inserted for easy reference to give you the corresponding values on the dollar and quantity axes. Please answer the following questions based on this graph. a. At a price of $7, what would be the level of fixed costs that would be covered by the firm? Show all prices, quantities, and the method of calculation (i.e., what is the dollar amount of the fixed costs that are covered?). GQ = 16 thi Lilin Dollars MC HT 1 10.00 Auc 8.00 -- -- TAT IV -- - - - - T! V 7.00 6.00 5.00 4.35 4.60 4.10 4.00 - A+ A 1 3.00 1 1 185 200 100 135150 160 130145 Quantity