use the following figure which show the situation facing a prooducer of running shoes to work problems 5 to 10

0 19 in MyEconlab Chapter 14 Study Plan and get instant feedback. 1 14.1) Use the following figure, which shows the situation firms facing a producer of running shoes, to work Problems ur 5 to 10. 100 60 io Price and cost (dollars per pair) 40 ment 20 X ATC 80 Imp ers it mple MR 0 50 100 150 200 250 Quantity (pairs of running shoes per week) 5. What quantity does the firm produce, what price does it charge, and what is its economic profit or ns 3 economic loss? 6. In the long run, how does the number of firms hed a producing running shoes change? weat- In the long run, how does the price of running ver shoes and the quantity the firm produces change? er What happens to the market output? firm, Does the firm have excess capacity in the long as no run? If the firm has excess capacity in the long dule run, why doesn't it decrease its capacity? In the long run, compare the price of a pair of running shoes and the marginal cost of produc- ing the pair. O 10. Is the market for running shoes efficient or inef- ficient in the long run? Explain your answer. 11. Wake Up and Smell the Coffee that Starbucks made over the past