Short-run profit maximisation or loss minimisation for a perfectly competitive firm

4 . Short-run profit maximisation or loss minimisation for a perfectly competitive firm Imagine that the market for blenders is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. 100 8 90 Profit or Loss 80 ATC 70 60 PRICE AND COST (Dollars per blender) 50 40 30 20 AVC 10 MC 1 4 8 12 16 20 24 28 32 36 40 QUANTITY OF OUTPUT (Blenders)In the short run, at a market price of $30 per blender, this firm will choose to produce blenders per day. On the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $30 and the firm chooses to produce the quantity you already selected. Note: In the following question, you should enter a positive number in the numeric entry field. The area of this rectangle indicates that the firm's would be $ per day