Hello,

I am significantly struggling to work out parts 1 a & b for my economics assessment. I have requested assistance from my lecturer asking for help deciphering what is the price charged and what is the profit/loss - however, was subsequently told it is simple and there is clearly a price outlined on the graph. I am so stuck :(

In BUS1BUX_2022_/ x VitalSource Books x BUS1BUX_Ass1D_ X Q MACRO FINAL Fla x G GDP of somewhe x Homework Help - X BUS1BUX_Ass1C X BUS1BUX_Ass1C X + C @ File | /Users/taylahbowler/Downloads/BUS1BUX_Ass1C_v02.pdf OREVA OA BUS1BUX_Ass1C_v02.pdf 3 / 5 100% + Task 1 A running shoe company is faced with the following cost and revenue curves: $ 80 MC 70 60 + 50 +- 40 30 20 AR 10 ++ - 0 190 290 390 500 690 -10 - - --.. MR -20 Quantity a. Based on curve above, what quantity does the firm produce, what price does it charge and what is its economic profit or economic loss? b. If the running shoes company were ordered to produce 350 units, how much profit or loss would now be made? Why do you think this situation is better or worse compare to part (a)