X + -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: 2 w V Question 10 (8 points) 6 V Use the values for a perfectly competitive firm below to answer the questions: Price Quantity Total Cost Fixed Cost Variable Cost 8 9 -- -- $10 2000 $24,000 $8000 $16,000 (a) Should this firm shut down in the short run? Explain why or why not in 1-4 10 11 12 sentences. (b) Assume this firm's total costs do not change in the long run. Should this firm exit 13 14 15 in the long run? V V (c) Are your answers to (a) and (b) different? Explain why in 1-4 sentences. A Question 11 (6 points) 83.F Q Search ENG 12:54 PM Windy US 7/20/2023X + -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: 2 W Question 11 (6 points) V Use table to find the required values: 6 V Price $32 8 9 Quantity 400,000 -- Explicit costs $3,500,000 10 11 12 Implicit costs $4,100,000 14 15 V V (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic profit. A 83.F Q Search ENG 12:54 PM Windy US 7/20/2023