The following graph plots daily cost curves for a firm operating in the competitive market for pressure cookers. @ 100 90 80 ATC 70 60 50 40 30 PRICE (Dollars per pressure cooker) 20 AVG 10 MC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pressure cookers) 5,000 10,000 20,000 Using the following table, for each price le .te the optimal quantity of units for the firm to produce. Using the data from the graph to 30,000 determine the firm's total variable cost, c - prot or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it 40,000 , to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) 45,000 Price 50,000 V Total Revenue Fixed Cost Variable Cost Profit (Dollars per pressure cooker) (Pr -kers) (Dollars) (Dollars) (Dollars) (Dollars) 25.00 v 1,600,000 | | 70.00 v 1,500,000 100.00 Y 1,500,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $1,600,000 per day. In other words, if it shuts down, the rm would suffer losses of $1,600,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown pricethat is, the price below which it is optimal for the firm to shut downis V per pressure cooker. 5,000 10,000 Using the following table, for each price le 20,000 te the optimal quantity of units for the rm to produce. Using the data from the graph to determine the rm's total variable cost, c - prot or loss associated with producing that quantity. Assume that if the rm is indifferent 30,000 between producing and shutting down, it . to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) 40 000 Price 45 000 V Total Revenue Fixed Cost Variable Cost Profit (Dollars per pressure cooker) (Pr - kers) (Dollars) (Dollars) (Dollars) (Dollars) 25.00 ' :] 1,600,000 70.00 v :] 1,500,000 100.00 1,500,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $1,600,000 per day. In other words, if it H shuts down, the rm would suffer losses of $1,600,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown pricethat is, the price below which it is optimal for the firm to shut downis V per pressure cooker. 5,000 Using the following table, for each price le 10'000 te the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, c 20 000 A prot or loss associated with producing that quantity. Assume that if the firm is indifferent r between producing and shutting down, it . to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) 30'000 . 40,000 . . . Prlce V Total Revenue Fixed Cost Variable Cost Profll: (Dollars per pressure cooker) (Pr 45 000 - kers) (Dollars) (Dollars) (Dollars) (Dollars) 25.00 1,600,000 50,000 70.00 1,500,000 100.00 v 1,600,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $1,600,000 per day. In other words, if it shuts down, the rm would suffer losses of $1,600,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown pricethat is, the price below which it is optimal for the firm to shut downis V per pressure cooker