Pat's Pizza Kitchen is a price taker (Le., It has to accept the whatever price Is determined by the market). Its costs are as follows (Assume that costs are opportunity costs, and therefore, profits are economic profits, and not accounting profits.) (Insert numbers without comma. Round up to 1 decimal place if needed) Pat's Pizza Factory's Output and Costs Output TC MC (5) VC ($] AVC (S) 10 0 25 131 40 55 74 20 Supply curve is the portion of 15 the MC curve above the AVC 10 -MC -AVC 5 Calculate Pat's profit-maximizing output and economic profit if the market price is $14. ANSWER: Q Profits - 5 Calculate Pat's profit-maximizing output and economic profit If the market price Is $12 ANSWER: Q= : Profits = 5 At P=$12, should the firm operate or shut down? Why? # Calculate Pat's profit-maximizing output and economic profit if the market price is $16. ANSWER: Q Profits . 5 What is Pat's shutdown point and what is Pat's economic profit If it shuts down? ANSWER: Pat's Pizza will shut down if P