1.If the price per picture frame was fixed at $30, what would you do? Remember, in the short run you can't alter fixed costs, you can just decide where to set the level of production. You need to calculate total revenue and profit or loss for each level as you are given the average revenue. Remember to state both what level of production you would choose and what dollar profit you would make. (1 mark)

# of Workers

PxQ

price

FC + VC

Profit or Loss

TR

AR

Q

TC

TP

0

1

2

3

4

5

6

7