Question 1 (4 points) Pat's Pizza Kitchen is a price taker, and the table below shows its costs of production. What is Pat's shutdown point and what is Pat's economic loss if it shuts down temporarily? Output Total cost (pizzas per (dollars per hour hour 0 10 21 2 30 W 41 4 54 69 Pat's shutdown point is a price of $9 a pizza and economic loss is $20. Pat's shutdown point is a price of $11 a pizza and economic loss is $22. Pat's shutdown point is a price of $13 a pizza and economic loss is $30. Pat's shutdown point is a price of $10 a pizza and economic loss is $10.CLUIIVIIIIL JUSS IS PLU. Question 2 (4 points) Total Product 75 -......... 68 66 57 -. .. ..... ..... 15 . . ........ 2 3 5 6 8 Labor (units) Refer to the figure above, if the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would intersect the horizontal axis at a point between the 5th and 6th unit of labor. never intersect the horizontal axis. reach its maximum at the 5th unit of labor. intersect the horizontal axis at a point somewhere beyond the 8th unit of labor. QuestionQuestion 3 (4 points) Average ATC a ATC C cost $10.00 ATC b 5.00 2.50 Long-run average cost 0 5,000 10,000 15,000 20,000 25,000 Quantity of picture frames sold per month The figure above illustrates the long-run average cost curve for a firm that produces picture frames. The graph also includes short-run average cost curves for three firm sizes: ATCa, ATCb and ATCc. The minimum efficient scale of output is reached at what rate of output? 10,000 workers. 10,000 picture frames. 15,000 picture frames. 20,000 picture frames