The following graph shows the MC, AVC, and the ATC functions for a perfectly competitive firm. All the questions pertain to short run. Please note that you are not supposed to guess the answers approximately. You need to calculate every number precisely using the information in the graph. (In Canvas, enter your numbers using our usual rounding rules.) Enter an economic profit without a positive sign, like Economic Profit = [4765.00] dollars Enter an economic loss with a negative sign, like Economic Profit = [-4765.00] dollars Enter zero for the breakeven case, like Economic Profit = [0.00] dollars Cost Functions of a Firm 53,000 52,750 ATC $2,620 $2,500 MC 52,280 $2.250 51 980 $2,000 51,608 51,680 $1,750 51 380 51,200 51 342 $1,500 51 251 $1 200 51,250 $1,248 $1,000 $840 -$1,200 AVC 5750 $120 - 5480 560 $500 5120 $240 5250 5240 2 3 5 6 9 10 11 12 Output Produced (q)In the boxes below, enter 1.00 if you think the good is a normal good, enter 2.00 if you think the good is an inferior good, and enter 3.00 if you think the good is a Giffen good. The categorization of the good into different types is from the viewpoint of the consumer in question. The price of good X increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 3 units due to the income effect. What type of a good is good X? Your answer: The price of good Y increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 7 units due to the income effect. What type of a good is good Y? Your answer: The price of good Z increases. A consumer reduces his quantity demanded by 5 units due to substitution effect and reduces it by 2 units due to the income effect. What type of a good is good 2? Your answer: The price of good W decreases. A consumer increases his quantity demanded by 5 units due to substitution effect and reduces it by 7 units due to the income effect. What type of a good is good W? Your answer: Consider the information in the le named Cost Functions of the Firm (also presented above). Please read that file carefully before answering this and the following questions. The fixed cost of production equals dollars. Please note carefully: The fixed cost of production must be the same no matter what the level of production is. However. in this question. due to rounding problem, the fixed cost calculated at the production level q = 7 turns out to be different. 50, calculate the fixed cost at any production level except q = 7 to get the correct number. $3,000 $2,750 ATC $2,620 $2,500 $2,280 MC $2,250 $1,980 $2,000 $1,608 $1,680 $1,750 $1,380 $1,200 $1,342 $1,500 $1,251 $1,200 $1,250 $1,248 $1,000 $840 $1,200 $660 $750 AVC $120 $480 - $60 $500 $120 - $240 $250 $240 SO 5 10 11 12 Output Produced (q) Consider the information in the file named Cost Functions of the Firm (also presented above). The average fixed cost producing 2 units equals dollars, but the average fixed cost of producing 10 units is dollars.$3,000 $2,750 ATC $2,620 $2,500 $2,250 $2,280 MC $1,980 $2,000 $1,608 $1,680 $1,750 $1,380 $1,200 $1,500 $1,342 $1,251 $1,200 $1,250 $1,000 - $1,248 $840 $1,200 $660 $750 AVC $120 $480 - $60 $500 $120 $240 $250 $240 SO 0 3 5 6 7 9 10 11 12 Output Produced (q) Consider the information in the file named Cost Functions of the Firm (also presented above). Total cost of producing 3 units equals dollars.$3000 52350 $2,500 52,250 $2,000 SlJSO $1500 $1050 $1,000 $750 $500 $250 30 D 1 2 3 4 5 6 7" 8 9 10 ll 12 Output Produced {0] Consider the information in the le named Cost Functions of the Firm (also presented above). The average variable cost of producing 10 units equals dollars. u 4. ._ 14 u _. v r u a .v 4.- an. Output Produced {:11} Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,680 per unit, the rm will produce units of output. The rm's revenue will equal dollars, its total cost of production will equal dollars. and it will make an economic profit of dollars. In that case. its producer surplus will equal dollars. Moreover, if the market price of the product is P = $1,680 per unit. the rm will be able to cover dollars of the fixed cost. Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $1,200 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $1,200 per unit, the firm will be able to cover dollars of the fixed cost.Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $840 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $840 per unit, the firm will be able to cover dollars of the fixed cost.Consider the information in the file named Cost Functions of the Firm (also presented above). Suppose that these cost functions pertain to a perfectly competitive firm. If the market price of the product is P = $240 per unit, the firm will produce units of output. The firm's revenue will equal dollars, its total cost of production will equal dollars, and it will make an economic profit of dollars. In that case, its producer surplus will equal dollars. Moreover, if the market price of the product is P = $240 per unit, the firm will be able to cover dollars of the fixed cost