Question: i need the answer for the question in the picture as soon is posible please 538 EXERCISES 1. Cost figures for a hypothetical firm are

i need the answer for the question in the picture as soon is posible please

538 EXERCISES 1. Cost figures for a hypothetical firm are given in the fol- lowing table. Use them to answer questions a through d. The firm is selling in a perfectly competitive market. Output 1 2 3 45 Fixed Cost $50 $50 $50 $50 $50 Chapter 24 Perfect Competition AFC Variable Cost $ 30 $50 $ 80 $120 $170 Total AVC Cost ATC MC a. Fill in the blank columns. b. What is the minimum price needed by the firm to break even? c. What is the shutdown price? d. At a price of $40, what output level would the firm produce? What would its profits be? 5. 6. 7. 8

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