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Problem 2 Using the graph below: A. Show and label the total profit from producing at the shut-down price. To do this you will also
Problem 2 Using the graph below: A. Show and label the total profit from producing at the shut-down price. To do this you will also have to show and label the total revenue (TR) box and the total cost (TC) box. B. Also, show and label the total fixed cost (TFC) at the shut-down price. MC ATC AVC Price & Cost ($) QuantityProblem 3 Choose any price above the shut-down price but below the break-even price. Using the graph below, show the profit from NOT producing based on the profit-maximizing level of output that is determined by the chosen price. [You must clearly indicate all the relevant total areas in the graph in order to justify your answer. Use different color highlighters to do this.] Be clear in showing the price you are using on the graph by writing "price" next to the line. MC ATC AVC AFC
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