The graph below provides revenue and cost information for a perfectly competitive firm producing paper clips.1$1,000$1,500$5002$2,000$2,000$5003$3,000$2,600$5004$4,000$3,900$5005$5,000$5,000$500

1. How much are total fixed costs?
2. About how much are total variable costs if 5,000 paper clips are produced?
3. What is the price of a paper clip?
4. What is the average revenue from producing paper clips?
5. What is the marginal revenue of producing paper clips?
6. Over what output range will this firm earn economic profits?
7. Over what output range will this firm incur economic losses?
8. What is the slope of the total revenue curve?
9. What is the slope of the total cost curve at the profit-maximizing number of paper clips per hour?
10. At about how many paper clips per hour do economic profits seem to be at a maximum?