4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for demin overalls. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. 50 45 10 Profit or Loss 35 30 ATC PRICE (Dollars per overalls) AVC MC 2 8 10 12 14 16 18 20 QUANTITY (Thousands of overallses per day) In the short run, given a market price equal to $15 per overalls, the firm should produce a daily quantity of 7 overallses. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm