I need some assistance with my economics assignment

1. Short-run profit maximization or loss minimization for a perfed Suppose that the market for frying pans is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. 100 90 Profit or Loss PRICE AND COST (Dollars per pan) 8 8 ATC 38 8 8 20 AVC 10 MC 12 20 24 28 32 36 40 QUANTITY OF OUTPUT (Pans) 6 In the short run, at a market price of $30 per pan, this firm will choose to produce ] P pans per day. 16 20 On the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $30 and the firm chooses to produce the quantity you already selected. Note: In the following question, you should enter a positive number in the numeric entry field. ECONOMIC loss The area of this rectangle indicates that the firm's PRon Cut would be s per day