Micro Topic 3.? Perfect Competition W Assume that the market price for brake pads ran to $20 and that an Increase in your rm's xed costs caused your ATC to increase. Use the cost curves below to answer the questions. 12. If the market price Is 320, what is the prot maximizing quantity for your rm in the short-run? 13. Calculate the total cost at the prot maximizing quantity. 14. Calculate the prot or loss at the prot maximizing quantity. 15. If your rm's xed costs are $150. Should you continue to produce or shut down in the short run? 16. What is the prot maximizing price and quantity in the long-run? Explain. Bart 4: Chart Practice- Aere few months, you and Tommy decide to start producing 0/7 filters instead of brake pads. Assume that your oil filters are sold in a perfectly competitive market and that the current price is $12. Use the information in the chart to answer the questions. 17. If the market price is $12, what is the prot maximizing quantity for your rm in the short-run? 18. Calculate the total revenue at the prot maximizing quantity. Show your work. 19. Calculate the average total cost (ATC) of each oil lter at the prot maximizing quantity. Show your work. 20. Calculate the prot or loss at the prot maximizing quantity. Show your work