In the figure below, panel (a) shows the equilibrium in a competitive market and panel (b) shows the cost structure of a representative competitive firm A. Answer the following questions and D AVC 20 15 show all your work. 1000 Q QA 6 8 10 (a) Market (b) Firm A A. What is the profit-maximizing output level for firm A? (1 mark) B. At the output level you got in a., calculate total revenue (TR), total cost (TC), total variable cost (TVC), total fixed cost (TFC), and economic profit. (5 marks) C. What is the shutdown price? (1 mark) D. What is the break-even price? (1 mark) E. Should this firm operate or shut down in the short-run and long-run? (1 mark) Edit View Insert Format Tools Table 12pt Paragraph BIYA & TV ... JAN A W 4 N MacBook Air 20 Q DII DD F3 F4 F5 F6 F7 F8 F9