Question 3
$
$37
$23
$22
$19
$18
MC
ATC
AVC
28 Points
40
48 50
60
Q
Using the figure above, and assuming a market price of $37, provide the following:
1. The profit-maximizing quantity,
2. The average cost of each unit produced at the profit-maximizing quantity,
3. The maximum profit earned at the given market price, and
4. When will this firm shut down?