Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. (?) 100 90 70 ATL COSTS (Dollars) B 20 AVC 10 10 15 20 25 30 35 40 45 QUANTITY (Thousands of shirts) For each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. Price Quantity ( Dollars per shirt) "Shirts Produce or Shut Down? Profit or Loss? 10 20 32 40 50 60On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) 100 Firm's Short-Run Supply SO PRICE (Dollars per shirt) 40 20 5 10 15 20 25 30 45 50 QUANTITY (Thousands of shirts) Suppose there are 5 firms in this industry, each of which has the cast curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black paint (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes. 100 Demand Industry's Short-Run Supply Equilibrium PRICE (Dollars per shirt) firms will neither enter nor exit 25 50 75 100 135 150 175 200 295 250 QUANTITY (Thousands of shirts) some firms will enter some firms will exit At the current short-run market price, firms will produce * in the short run. In the long run, some firms will enter