In the diagram below, the firm (one of a 1000 in the industry) is operating in a perfect competition market. Add the Price lines on the diagram and complete the questions in Parts 1, 2, and 3. $10 MG ATC 7 6. 4 3. 1 0. 1 2 3 4 56 7 8 9 k10 Quantity (in 1,000s) Cost per unit a) At a market price of $7 what is the Marginal Revenue for this firm? b) At a market price of S7 what is the Average Revenue for this fim? c) At a price of $7 how m any units will this firm produce in the short run to maximize profit? (Round off your answer to the nearest 100 units) d) What is the cost per unit? (See ATOC) e) What will be its profit or loss per unit? a) At amarket price of S5.50 what is the Marginal Revenue for this firm? b) At a market price of S5.50 what is the Average Revenue for this fim? c) At a price of $5.50 how m any units will this firm produce in the short run to maxim ize profit? a) At a product price of S3 how does Marg inal Revenue compare to Average Variable Costs? b) At a product price of S3 will it produce any units? If not, why not? c) Now if m any firms leave the market because of the low market price how will this affect supply? the m arket price?