Consider the purely competitive firm below making only Normal Profit.

Use the following information and find:

Q* = 225 AVC = $10 P = $12 No inflation

________ Total Revenue

_________ Total Cost

It will help to:

_________ Average Total Cost List all of the formulas

and

Sketch out using the

_________ Marginal Revenue Average Cost family of curves

_________ Marginal Cost

_________ Total fixed Cost

Finally, based only on the information given, will there be any long run changes in this firm's price or Q*?If yes explain why? If no explain why.