Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,680 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P $1,680 per unit, the firm will be able to cover dollars of the fixed cost. $3,000 $2,750 ATC $2,620 $2,500 $2,250 $2,000 $1,750 MC $2,280 $1.980 $1,608 $1,680 51.380 $1,200 $1,342 $1,251 $1,200 $1,500 $1,250 $1,000 $660 $750 $480 $120 560 $500 $120 $240 $250 50 $240 tu $1,248 5840 $1,200 AVC 6 Output Produced (q) 3 5 .00 m 10 10 11 12 $3,000 $2,750 ATC $2,620 $2,500 MC $2,280 $2,250 $2,000 $1,750 $1,500 $1,980 $1,608 $1,380 $1,251 $1,200 $1,680 $1,200 $1,342 $1,250 $1,000 $1,248 $840 $1,200 $660 $750 AVC $120 $480 $60 $500 $120 $240 $250 $240 $0 1 2 3 ++ 5 6 7 Output Produced (q) 10 11 12 10 Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,200 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $1,200 per unit, the firm will be able to cover dollars of the fixed cost.