2 Using the data in the graph below, answer the following questions. 17 eBook 16 15 14 Price ($) 13 12 11 `MR 10 0 2 4 6 8 10 12 14 16 Output (a) Calculate the firm's total profit. Instructions: Round your answer to the nearest whole number. Total profit: $ [Using the information in the graph below, calculate the total profit or total loss made by this firm. 20 16 12 Price ($) 8 4 0 4 8 12 16 20 Output Instructions: Enter your answer rounded to 2 decimal points (i.e. dollars and cents). If there is an economic loss, be sure to include a negative sign (-) in front of your answer. This firm is incurring a | (Click to select) ~ | of $ |16 14 12 10 CO Price ($) X D MR 0 1 2 3 4 5 6 7 8 9 10 Output (a) Using the data from the above figure, calculate the firm's total profit. Total profit: $ |(Click to select) v (b) If the firm operates at optimum efficiency, how much will its output be? Instructions: Round your answer to 1 decimal place. Optimum output: (c) If the firm were a perfect competitor, how much would its price be in the long run? Long run price: $(8) Fill In the below table. Instructions: Round your answers to the nearest whole number. Total Output Price Marginal Total ATC Revenue Cost MC Revenue 1 $22 $30 21 47 3 20 51 19 60 18 70 17 82 16 98 (b) Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves. Instructions: Use the tools provided to plot the demand (D), marginal revenue (MR). marginal cost (MC), and average total cost (ATC) curves. Plot 7 points each for D. MR and ATC. Plot 6 points for MC. Tools D MR MC ATC Price ($) O 2 3 5 6 8 Quantity Instructions: Round your answers to the nearest whole number for answers. (c) Calculate the firm's total profit. Total profit: $ [Click to select) v (d) If the firm operates at optimum efficiency. how much will its output be? Output: [Click to select) v] (e) If the firm were a perfect competitor, how much would its price be In the long run? Price: $ [Click to select) v