(THE SHORT-RUN FIRM SUPPLY CURVE) Use the following data to answer the questions below:

Q VC MC AVC

1 10 ? ?

2 16

3 20

4 25

5 31

6 38

7 46

8 55

9 65

a. Calculate the marginal cost and average variable cost for each rate of output.

b. How much would the firm produce if it could sell its product for $S? For $7? For $10?

(Minimizing Loss in the Short Run)Explain the different options a firm has for minimizing losses in the short run.

(Zero Economic Profits in Long Run)Why is there no economic profit for perfectly competitive firms in the long run? Why is there no economic loss