Address the following:
Complete Table-1. Summarize your calculations.
Prepare a graph showing:
Average Fixed Costs
Average Variable Costs
Average Total Costs
Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.
Define a normal profit and an economic profit. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.
Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers.
If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers
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