Draw a correctly labeled perfectly competitive firm earning economic profit in the short run. Label the MC, ATC, and MR curves. Shade in profit. 2. Draw a correctly labeled perfectly competitive firm earning an economic loss in the short run. Label the MC, ATC, and MR curves. Shade the loss. 3. What would be true in a shut-down case for a perfectly competitive firm in the short run? 4. Use the information below for a perfectly competitive firm that is maximizing its profit to calculate each of the following. Show your work. - Price =$15 - Q=10 - ATC=$10 a. TR= b. TC= c. Profit = d. Profit per unit = 5. Assume a firm maximizes profit producing a quantity of 10 , ATC is $12 and price is $5. Calculate each of the following. Show your work.
TR= __________ $5×10=$50
