Question

The graph shows the cost curves of a profit-maximizing hamburger...

The graph shows the cost curves of a profit-maximizing hamburger stand in the perfectly competitive hamburger market. If the price of a meal is $7,

(a) How many meals does the hamburger stand produce?

(b) What are the hamburger stand's average total cost, average variable cost and marginal cost?

(c) What are the hamburger stand's total cost, total variable cost, adn total fixed cost?

(d) What are the hamburger stand's total revenue and economic profit?

(e) What will happen in this market in the long run?