MC ATC AVC 23 22 16 MR 12 11 14 17 19 Quantity (unita) Figure 1 1)In Figure 1, the horizontal line represents the demand curve of the firm. a) Refer to Figure 1. The firm in Figure 1 corresponds to a...

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Extracted text: MC ATC AVC 23 22 16 MR 12 11 14 17 19 Quantity (unita) Figure 1 1)In Figure 1, the horizontal line represents the demand curve of the firm. a) Refer to Figure 1. The firm in Figure 1 corresponds to a perfectly competitive firm. How can you tell? b) Refer to Figure 1. The time period in Figure I corresponds to short run. How can you tell? to 17 c) Refer to Figure 1. Find the firm's ATC when profit is maximized Atc= d) Refer to Figure 1. Find the firm's AVC when profit is maximized e) Refer to Figure 1. Find the value of Average Fixed Cost (AFC) when 17 units are produced f) Refer to Figure 1. Find Total Fixed Cost (TFC) g) Refer to Figure 1. Find the profit maximizing quantity of the perfectly competitive firm h) Refer to Figure 1. Find the firm's maximum profit (or loss) d oop