Quantity (pizzas per hour) Total cost, TC (dollars per hour) 18 30 48 1 2 3 12) Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. The price of a pizza is $12 and the variable cost of the first pizza is $8. If Giuseppe shut down, in the short run its economic loss is per hour. A) $0 B) $4 C) $10 D) $12 E) More information is needed to answer the question.

Figure 1 contains the relevant cost curves for a perfectly competitive firm 961 Price and Cost 900 800 700 600 500 400 300 200 100 0 100 200 300 400 500 600 700 800 900 860 Based on Figure 1 MC Quantity 1. Find breakeven price and quantity. Explain your answer 2. Indicate shutdown price and quantity. Explain your answer 3. Sketch the profit's area when the price is 900. 4. In the short run, if the market price is higher than 400 but less than 600, will individual firms have a profit or a loss? Explain.

Use the graph above for question one assuming it represents the cost of a perfectly competitive firm where the market price is eight dollars A. calculate the profit maximizing point a production B. calculate the total revenue C. calculate the total cost D. calculate the total profit and E. will this firm shut down or continue in the short run explain how you know

1) The cost curves for a firm in a perfectly competitive industry are given below. Complete the table. If the firm operates in a perfectly competitive market, and the market price is $25 per unit, what Quantity should this firm produce at? TFC TC TVC AVC ATC MC TR S100 S100 1 S100 S130 2 S100 S150 S100 S160 S100 S172 5 S100 S185 6 S100 $210 S100 $240 S100 $280 S100 $330 10 S100 $390 Table 9.1