Question: For questions 8 and 9, consider the graph below for a firm operating in a perfectly competitive market: Price $815 $750. $500 $375 8a.)

For questions 8 and 9, consider the graph below for a firm operating in a perfectly competitive market: Price $815 $750. $500 $375 8a.) Calculate the firm's total revenue. 8b.) Calculate the firm's total cost. 205 260 336 365 Quantity MC 8c.) Calculate the firm's economic profit. (Include a negative if the profit is a loss.) ATC AVC MR=P 9.) From the graph above, will this firm decide to stay open or temporarily shut down in the short run and why?

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