Homework (Ch 14) Back to Assignment Attempts Keep the Highest / 3 4. Profit maximization in the cost-curve diagram Suppose that the market for microwave ovens is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. (?) 100 90 Profit or Loss ATC 8 PRICE (Dollars per oven) AVC 10 15 20 25 30 25 40 45 QUANTITY (Thousands of ovens per day) In the short run, at a market price of $50 per oven, this firm will choose to produce ovens per day. On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $50 and the firm chooses to produce the quantity you already selected. Note: In the following question, enter a positive number, even if it represents a loss. The area of this rectangle indicates that the firm's _ would be S thousand per day in the short run. Grade It Now Save & Continue Continue without saving