pints) OUTPUT FIXED (PER VARIABLE COSTS TOTAL AVERAGE AVG. DAY COSTS AVG. ($) COSTS (S) FIXED VARIABLE TOTAL MARGINAL 0 20,000 (S) COSTS COSTS COSTS COSTS 1 20,000 20,000 10,000 30,000 20,000 30,000 10,000 20,000 10,000 W N 15,000 35,000 5,000 10,000 7,500 17,500 20,000 18,000 12 606.6 3,000 4 20,000 38,000 6,666 . 67 6,000 22,000 5 42,000 000 500 10 500 4 000 20,000 28,000 48,000 4,000 5 600 9 600 6. 000 6 20,000 36,000 56,000 3,333, 33 6,000 4332.3 20,000 46,000 66,000 12857. 14 6, 571 . 43 9, 428.57 16, 000 8 250 4 750 12,000 20,000 58,000 78,000 2,500 20,000 72,000 92,000 2 222.22 8 000 10 222.23 17 000 If this firm is a price taker and the market price for the good produced is $12,060, what level of production will maximize profits for this firm? (3 points) 8 At a market price of $12,000, how much profit/(loss) would the firm earn? (3 points) $ 18, 000 What is the minimum market price at which the firm will remain open in the short run? (3 points) Is this firm operating in a monopoly, monopolistic competition or perfectly competitive market? (2points) Assuming that all the firms in the market have the same costs as those above and that those costs include all opportunity costs (implicit and explicit), what would the long run equilibrium market price be? (2 points) 17