5) Examine the graph below that presents costs for a typical olive oil producer and answer questions: Costs MC ATC AVC quantity 10 12 14 16 a) What is the ATC, AVC and AFC at q=12? (approximate to one decimal) ATC = AVC = AFC = What is TC, VC and FC at q=12? Show your calculations. b) If the price of olive oil is $3.50, how much oil would a price-taking firm be willing to produce and sell? Would the firm be able to make a profit at this price? If not, would there be a loss? Calculate & indicate profit/loss box on the graph above. c) According to the graph, what is the break-even price/cost of a pound of olive oil? d) If the olive oil prices rise to $6 per kilogram, would the firm make a profit? How much it would be willing to sell at this price