Please answer the following questions based on the graph: 1.) Consider the graph for Shelley's Shrimp Stand. If the price of shrimp was $57, what quantity of output would Shelley choose to produce and sell?2.) Consider the graph for Shelley's Shrimp Stand. What is the shutdown price for this firm? Do not include the dollar sign ($) in your answer.3.) Consider the graph for Shelley's Shrimp Stand. From the graph, it is shown that at a quantity of 75, the ATC is 75, and the AVC is 67.8. Given this information, what is the total fixed costs (FC) for this firm? Do not include the dollar sign ($) in your answer.4.) Consider the graph for Shelley's Shrimp Stand. At a price of $57, what profit will be earned by the shrimp stand? Do not include the dollar sign ($) in your answer, but do include a negative sign if applicable.5.) Consider the graph for Shelley's Shrimp Stand. In the short run, at a price of $66, the firm will choose to produce [ Select ] ["no output", "a positive level of output"], and will [ Select ] ["incur a loss that is equal to fixed costs", "incur a loss that is less than fixed costs", "break even", "earn a positive economic profit"].

Shelley's Shrimp Stand is a perfectly competitive firm selling shrimp. Use the firm's cost curves shown below to answer Questions 2-7. Price t and MC Cost ATC ($) 103.8 AVC 81 78 75 74 72 67.8 50 O 15 30 45 60 75 90 Quantity