Perfect Competition The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure: Price, cost of bushel $30 26 MC 22 18 ATC 16 14 AVC 8 ON D O 1 22.53 4 5 6 7 Quantity of tomatoes (bushels) 1) If the market price for tomatoes is $8, what is the profit maximizing output? 2) If the market price for tomatoes is $18 . what is the profit maximizing output? . How much is the firm's profit at this point? 3) What is the firm's shutdown price? 4) What is the firm's break-even price? 5) At the firm's break-even price, how much is the firm's total cost at this point