Part 1: Check Your Understanding- Use the graph to calculate the following. Assume this firm is in a perfectly Price competitive market $60 1. Total review when the price is $40 MC Type here Total profit when the price is $40. ATC Type here Total review when the price is $25 Type here 8 8 8 8 Total profit when the price is $25. Type here At the price of $25, should this firm produce the profit maximizing quantity of shut down in the short-rum? Explain. Type here $10 10 12 Quantity