Question 47 (4 points) Prlco and coal 20 15 14 11 Figure 12~5 shows cost and demand curves facing a typical rm in a constant-cost perfectly competitive industry. ' Refer to Figure 12- 5. to answer the following questions, assuming market price is $20. lt- a. What is the prot maximizing quantity produced by the rm? b. What is the average total cost incurred by the rm at that quantity? c. What is the average variable cost incurred by the rm at that quantity? ' Previous Page Next Page Page 47 of 48