1. Complete the table below. Quantity TCC TVC TC MC AVC ATC 012345678102S 12 0 -- -- -- 12 20 12 46 12 16 12 20 20 12 20 12 22 12 24 12 26 9 12 28 12 30 12 32 12 34 2. Using the table above, create a graph with Quantity on the horizontal axis and dollars on the vertical axis showing the curves for MC, AVC, and ATC. Make 3 copies of this graph for use in problems 3, 4, and 3. Suppose that the firm is a price taking firm competing in a market where the equilibrium price of the product is $18 per unit. Using one of the graphs you copied from question 2, draw in the firm's marginal revenue, average revenue, and market price line. Assuming the firm produces the quantity where MR=MC, designate rectangles for: total revenue, total cost, and total variable cost. Explain, in terms of the relative sizes of the total revenue and total variable cost rectangles, why the firm should continue to operate in the short-run. Designate on the graph the area that represents the loss that the firm incurs if it produces where MR=MC. If circumstances remain the same, can the firm continue to operate in the long-run? 4. Suppose that the firm is a price taking firm competing in a market where the equilibrium price of the product is $14 per unit. Using one of the graphs you copied from question 2, draw in the firm's marginal revenue, average revenue, and market price line. Assuming the firm produced the quantity where MR=MC, designate rectangles for: total revenue, total cost, and total variable cost. Explain, in terms of the relative sizes of the total revenue and total variable cost rectangles, why the firm should NOT continue to operate in the short-run. Designate on the graph the area that represents the loss that the firm incurs if it produces where MR=MC. 5. Suppose that the firm is a price taking firm competing in a market where the equilibrium price of the product is $26 per unit. Using one of the graphs you copied from question 2, draw in the firm's marginal revenue, average revenue, and market price line. Assuming the firm produces the quantity where MR=MC, designate rectangles for: total revenue, total cost, and profit.

homework micro.docx - Word (Error de activación de productos) ARCHIVO INICIO INSERTAR DISEÑO DISEÑO DE PÁGINA CORRESPONDENCIA Diana Arenas - REFERENCIAS REVISAR VISTA X Cortar A Buscar - -|11 - A Calibri (Cuerpo) A Aar A AаBЬСcDd AaBЬСcDd AaBbС AаBbСcС Аав АавЬСсD ab Copiar Sac Reemplazar 1 Normal 1 Sin espa. Título 1 Título 2 Puesto Subtítulo Pegar N K abe X, x² A - aly . A Copiar formato Seleccionar - Portapapeles Fuente Párrafo Estilos Edición 21. Laissez-faire is a policy that espouses central planning. True or false 22. If MU=MC=P, and economist van judge with certainty that the distribution of output is A. Equal B. efficient C. Fair D. Unbiased 23. If arrival and departure delays are frequent early in the morning and late afternoons, but there are no delays during the evening hours, we can conclude that the airport authority A. Charges high landing fees at common departure and arrival times B. Should reduce the number of flights during the busy times C. is concerned about the…

please read the question carefully as there are multiple questions with the same graphs that is shown on the image

question 11 please.