Use Figure 1 below to answer questions 1 through 3 1 2 P SRMC S ATC 15 15 AVC 14 14 FIGURE 1 13 13 12 12 D 2000 4000 Q mil The price of this product will be a 12 b 13 c 14 d 15 The optimal quantity the firm will produce is a 0 b 1000 c 2000 d 3000 e 4000 3 The firms total profits are a 4000 b 2000 c 0 d 2000 e fixed costs Use Figure 2 to answer questions 4 through 7 below FIGURE 2 P SRMC S ATC 8 8 6 6 AVC 4 4 2 2 D Q 200 300 400 500 q 4 The price of this product will be a 2 b 4 c 6 d 8 5 The optimal quantity the firm will produce is a 500 b 400 c 300 d 200 e 0 6 The firms profitperunit at q is about a 4 b 2 c 0 d 2 e 4 7 The firms total profits are about a 800 b 600 c 400 d 800 e fixed costs Use Figure 3 at the bottom of this page to answer questions 8 through 10 8 In the longrun the price for this product will be a 0 b 2 c 4 d 6 9 In the longrun the firm will produce a 0 b 200 c 400 d 600 10 In the longrun the firms total profits will be a 0 b 200 c 400 d 600 e fixed costs FIGURE 3 LRMC LRAC 6 4 2 200 400 600 q