Part 2: Graph Practice- Assume that the market price of brake pads is $40. Use the cost curves below for your firm to answer the questions. 6. If the price is $40, what is the profit maximizing quantity for your firm? Price $60 MC 7. Calculate the total cost at the profit $50 maximizing quantity. ATC $40 8. Calculate the profit or loss at the profit maximizing quantity. $30 9. How much profit will you earn if you $20 increase your price $10 higher than the market price? $10 10. What is the profit maximizing price and quantity in the long-run? 0 5 6 7 8 9 10 11 12 Quantity 11. If the market price is $25, will your firm earn economic profit, accounting profit, neither, or both