Firm A operates in a perfectly competitive market. The market price for the firm's product is $110.

A. Complete the diagram and show the profit-maximizing quantity. Insert any required curves.

Answer the following questions by estimating points on your completed graph.

B. What is the profit-maximizing quantity?

C. Is the firm profitable?

D. Estimate total revenue.

E. Estimate the total cost.

F. Estimate the profit or loss.

G. Explain in one or two sentences using the concept of marginal product of labor why the MC curve turns upward at Q above 3 thousand.

H. What would be expected to happen in this market in the long run?