Question 1 As an entrepreneur, suppose you are operating in a perfectly competitive market selling food (i.c., units of chickens). Your daily output is given: Output per day Total cost 0 SIO 1 20.50 2 24.50 3 28.50 4 34.00 5 43.00 6 55 50 7 72.00 8 93.00 9 119,00 2. Assume that the equilibrium price in the chicken market is $12.50. As an entrepreneur working in the market aiming at maximizing profit: 1. How many chickens you will produce? 2. How much do you have to charge per chicken (i.e., price)? 3. How much profit (loss) you will be making? 4. Use graphs to illustrate your answers s. Be sure that the graph (s) show your demand, ATC, AVC, MC, and MR curves, the price you ae charging, the quantity you are producing and the areas showing the profit or loss. h. Now suppose the prices of chicken falls to $6.0. At this price, how many chickens you will be producing and how much you will be charging per chicken? What will be your profit or loss under the new price? You may also use graph to show the new situation