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Consider a perfectly competitive firm. Suppose that ATC, AVC, and MC curves of the firm are u-shaped. Suppose that the current market price is =

Consider a perfectly competitive firm. Suppose that ATC, AVC, and MC curves of the firm are u-shaped. Suppose that the current market price is = 5 and you have the following information about the firm at the current output level of 100 units:

Quantity: 100

Total Cost: 1000 Variable Cost: 700

Marginal Cost: 7

i. Calculate and diagrammatically (please draw or explain in great detail) show the firm's current level of economic profit/loss.

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