Figure 8 - 8 Dollars per Unit MC ATC $10 - d = MR = AR 200 275 475 575 Inits of Output 4.a) In short-run equilibrium, the perfectly competitive firm of Figure 8.8 earns a total economic profit of a. 1000 b. $825 1. $1,425 - $575 Explain: 4.b) Assuming the perfectly competitive firm of Figure 8.8 survives in the long-run, it produces a. 200 b. c. 475 d. 575 e. None of the ab Explain: Choose and explain your answer above thoroughly--graphical, algebraically, numerically. EXPLAIN IN DETAIL. THE MORE ECONOMIC CONCEPTS YOU USE IN YOUR EXPLANATION THE HIGHER YOUR SCORE