\f\"MMMIMNMDMWWAMMMMMHJHH mmmmmmmm #mmmb m'mmmmmmx minim Use the graph provided below to answer parts (a)-(e). 3-} Marginal Cost m o 0_ Average Total 3 Cost E . Average Variable 12 Cost 10 8 7 5 Demand 4 0 10 22 33 45 58 Marginal Revenue GaterTools, a prot-maximizing rm, has a patent on a power tool, making itthe only producer of that power tool. The graph above shows GaterTools' demand, marginal revenue. average total cost, average variable cost. and marginal cost curves. (a) Calculate GaterTools' total revenue if the rm produces the allocatively efcient quantity. Show [our work. (b) Starting at a price of $12. if GaterTools were to increase the price by 4%, will the quantity demanded decrease by more than 4%. less than 4%. or exactly 4%? Explain. (c) At a quantity of 10 units, is GaterTools' marginal product increasing. decreasing, or constant? Explain. (d) Identify the quantity that maximizes GaterTools' prot. Explain. (e) At the quantity identified in part ((1). does GaterTools earn a positive economic prot, a negative economic prot, or zero economic prot? Explain