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Hi, please Ignore the bottom table for Chloe's Plumbing. I only need the answer for Question 1, part a-e. Question 1 Directions: The question is

Hi, please Ignore the bottom table for "Chloe's Plumbing." I only need the answer for Question 1, part a-e.

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Question 1 Directions: The question is divided into parts, labeled in alphabetical order. Use those letters to organize your response and make sure you are not accidentally skipping any part. If a question prompts you to "Calculate," you must show how you arrived at your final answer. Use the following graph to answer parts (a)-(e). Prices and costs are in dollars. Price, Cost 5 10 15 20 25 30 35 40 45 50 MR Quantity The graph above shows the demand (D), marginal revenue (MR). marginal cost (MC), and average total cost (ATO) curves for one of many profit-maximizing firms operating in the short run in an industry in which there are no barriers to entry. Each firm sells a similar but not identical product. (a) Assume the firm produces 20 units. Will the firm's economic profit be positive, negative, or zero? Explain. (b) If the firm charges $12. should this firm increase its price, decrease its price, or keep the(c) If the firm decreases its price from $32 to $28, does the deadweight loss increase, decrease, or remain unchanged? Explain. (d) Identify the profit-maximizing quantity and price, and explain how you determined each. (e) Calculate the total cost of producing the profit-maximizing quantity identified in part (d). Show your work. The table below shows the short-run production function for Chloe's Plumbing Services. Use the information provided to answer parts (f)-(1). Number of Total Product Plumbers per Hour 16 26 37 50 6 60

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