The question is not incomplete, I am not provided numbers, just simple data on how the graphs should be drawn. Don't think to deep into it, and just draw how the graphs should be drawn. I provided the starting graph.

Suppose a typical firm in the airline industry has a short run production technology which results in the outcome of "U-shaped" Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Further, suppose this firm sells its product in a market where the price of the good is determined by the interaction of market Demand and Supply. That is, the price is given to the firm and the individual firm cannot impact that price. Finally, for the entirety of Questions 3 through 5, assume we are in the Short Run for this firm. In graphing, put$on the vertical axis and lower-caseq(firm output) on the horizontal axis.

In December of 2019, the price for airline travel was the P₀, the price you depicted in your answer to Question 1.

• Using the graphs of AVC, ATC, and MC, show this original price, P₀, on this graph with$on the vertical axis and lower-caseq(firm output) on the horizontal axis. You should assume that this December 2019 priceP₀is higher than the minimum point of the ATC you drew on your graph.
• Graphically indicate the profit maximizing outputq₀for this typical firm and explain how you determined this output.
• Why does it not make sense for the firm to produce either more or less than the profit maximizing outputq₀that you've determined? Please explain.