Font Paragraph Learning Activity 5 Consider the following graph for a perfect competitive firm of Hair Cutting and answer the questions: 80 MC/ ATO 7.0 65 AVC 60 Cost/Haircut 00 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 # of Haircuts Questions: 1. How much is the equilibrium quantity and equilibrium price at which the firm is at the breakeven point? Answer: 2. At which price the firm will shut down? Answer: 3. Is there any profit or loss in the above hair cutting business? Explain. Answer: 4. If the price increases to $7,00, would there be profit or loss? Calculate and show in the above graphs. Answer: 5. If the pricedecreases to $4.00, there will be profit or loss? Calculate and show in the above graph