Hello,

That is my question of Economic from a Business Perspective:

The table provides data on a market demand sched- ule (top two rows) and a firm's average and marginal cost schedules (bottom four rows). Price P ($) 24 20 16 12 8 Quantity 3,000 4,000 5,000 6,000 7,000 Firm's output 1 2 3 4 5 MC ($) 11.00 11.13 12.00 13.63 16.00 ATC ($) 13.50 12.25 12.00 12.19 12.70 AVC ($) 11.25 11.13 11.25 11.63 12.25 Questions 1. What is the firm's shutdown point? 2. If there are 1,000 identical firms in the market, what is the market price and quantity? 3. With 1,000 firms, will firms enter or exit? 4. What is the long-run equilibrium price, quantity, and number of firms