3. Suppose price is set at $12 PRICE AND COST (Dollars per bear] 20 16 12 8 4 0 12 MC ATC AVC 48 60 72 24 36 OUTPUT (Thousands of bears per day) a. Profit maximization price = b. Profit maximization quantity = c. AVC= ATC= d. Total revenue = e. Total cost = AFC= f. Total profit/loss = g. Will the firm operate in the short run or shut down?

3. Suppose price is set at $12 PRICE AND COST [Doltars per bear] a. Profit maximization price = b. Profit maximization quantity = c. AVC= ATC= AFC= d. Total revenue = e. Total cost = f. Total profit/loss = g. Will the firm operate in the short run or shut down