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PERFECT COMPETITION ASSUME FIXED COSTS$12$

$125\%$

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$1$

LMNOP

$($II$)$

Complete the table. $10$ pts

Graph the AVC, ATC, AFC, & MC curves $3$ pts

Superimpose the MR Curves on your graph. $3$pts

At each price $(P1,P2,P3,P4$ What output should be produced? $3$ pts

What is the profit at each level of output $($from #$4)?3$ pts

What is the MC curve called, connecting the $4$ prices? $3$ pts

If $P4$ is the prevailing price, what, if anything happens to this industry in the long run? $3$ pts extra credit