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e. At a quantity of 1, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) f. At a quantity of 2, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) g. At a quantity of 3, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) h. At a quantity of 4, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) i. At a quantity of 5, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) j. At a quantity of 6, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 noints) Given the following information: Total Product (TP). Price Fixed Cost (TFC) Variable Cost (TVC) 0 $3500 $2000 $ 0 1 3500 2000 4000 2 3500 2000 7000 3 3500 2000 7500 4 3500 2000 11000 5 3500 2000 16000 6 3500 2000 24000 au AWN Complete the following question. 1. Given the following information: Total Product (TP) Price Fixed Cost (TFC) Variable Cost (TVC) 0 $3500 $2000 $ 0 1 3500 2000 4000 2 3500 2000 7000 3 3500 2000 7500 4 3500 2000 11000 5 3500 2000 16000 6 3500 2000 24000 UNO a. Based upon the numbers from the table above, is this firm is operating in the short-run or the long-run? How do you know which time period it is operating in? (4 points) b. Based upon the numbers from the table above, how do you know that this firm exemplifies a purely competitive firm? (3 points) c. Solve for total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), marginal cost (MC), total revenue (TR), and marginal revenue (MR) at every total product quantity. (36 points) d. What is the profit maximizing level of total product (TP) in this example? (3 points) e. At a quantity of I, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) f. At a quantity of 2, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) g. At a quantity of 3, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) h. At a quantity of 4, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) i. At a quantity of 5, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) j. At a quantity of 6, will this firm produce or shutdown? Explain. How much of a profit or loss does the firm incur based upon their decision to produce or shutdown? (9 points) @ The form is operating in the short sun given table is fixed which As cest mun. in the is always in short the firm is operating in the Short anailability a fixed cost. (b The the same each consumer lat from is purely competitive from charging price Queerfily can say price constant is purely competitive we ds the so, the is c Me TR MR - TP Inice TC AFC AVG ATC 3560 2000 3520 6000 2000 4000 3500 Govo 400035 2 3510 9000 1000 500 45209080 ano 3 30 9500 666.67 2560 /316667 500 1050 3500 4 . 13000 500 2750 3250 5 3500 18000 uw 3200 3600 (500 1750 350 G 3500 26000 333.3 4000 4333-37 and 21000 3500 3510 3520 und 3500 TO Votre AFC = FC AVG - Vc ATC = AFG + AVC MC = ITC A8%Etp) TR= PXO - PATP MR = Price { in competitive from? d masimum where MR=mc profit is from the above table we can see that MR - me at a Tofal product Total so profit is profit is maximum at a product ay 4 And profit TR-TC = 14000 - 12000 -Blooo SO $1000 Masimum profit poradit omenimizing the Hence, Total product is 4