1. Complete the table by filing in the columns for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marginal cost.
2. Assume that the market price is $3.50. What is the profit-maximizing level of output for this firm?
3. Assume that the market price is $3.50. What profit of loss is this company experiencing?
4. What would happen to the number of firms in this market if the market price went down to $3.00?
5. What would be the economic profit or loss for this firm if the fixed cost increased by $1.50 and the market price remained $3.50?
6. What is the long-run equilibrium for this firm (and market)?
7. What is the price shutdown for this firm?

Supposes that you are managing a firm in a perfectly competitive market that faces the following costs Total Fixed Variable Average Average Average Marginal Quantity Cost Cost Cost Fixed Cost Variable Cost Total Cost Cost 6.5 9.5 10.5 11.5 12.5 13.5 14.5 18 22 26.5 31.5