Question 06a: Reference the graph is to the right. You should see the firm is producing a loss at the MC price of $16. Calculate this loss, (that is, calculate ATC the negative profit). Price (dollars per unit) AVC Profit = (Price - ATC) x Quantity MR Question 06b: Should the firm stay in business, at 14 17 19 least in the short run at this price of $16? Explain, Quantity (units) Question 06c: In fact, what range of prices does the firm produce a loss in the short run but would still stay in business? Below what price, would the firm shut down, even in the short run