Need the Market & Firm\'s Short Run Supply Graphs done as well as the last state

Question

Need the Market & Firm's Short Run Supply Graphs done as well as the last statement w/ dropdowns

For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price.

Explanation / Answer

Price

Quantity

Produce or Shut Down?

Profit or Loss?

(Dollars per lamp)

(Lamps)

breakeven

  

Price

Quantity

Produce or Shut Down?

Profit or Loss?

(Dollars per lamp)

(Lamps)

10 20 shutdown     loss    20 10 shutdown                     50 40 operate    

breakeven

  

60 42 operate profit       

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