MC ATC AVC 5 4 Revenue and cost 0 10 30 40 50 20 Output The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price is RM 2. a) how much will the firm produce? Explain your answer. (5 marks) b) how much is the firm's total revenue and economic profit? (4 marks) c) at what price does the shut down point occurs? Explain your answer. (5 marks) d) what will happen in this market in the long run? Explain your answer. (6 marks) MC ATC AVC 5 4 Revenue and cost 0 10 30 40 50 20 Output The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price is RM 2. a) how much will the firm produce? Explain your answer. (5 marks) b) how much is the firm's total revenue and economic profit? (4 marks) c) at what price does the shut down point occurs? Explain your answer. (5 marks) d) what will happen in this market in the long run? Explain your answer. (6 marks)