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  3. for each price in the following table use the graph...

Question: for each price in the following table use the graph...

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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. Price (Dollars per jacket) 4 8 12 36 48 Quantity (Jackets) Produce or Shut Down? Profit or Loss? On the following graph, use the orange points (square symbol) to plot points along the portion of the firms short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.)On the following graph, use the orange points (square symbol) to plot points along the portion of the firms short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) 80 72 Firms Short-Run Supply 64 56 48 2 40 32 24 a. 0 8 6 24 32 40 48 56 64 72 80 QUANTITY (Thousands of jackets) Suppose there are 8 firms in this industry, each of which has the cost curves previously shown.On the following graph, use the orange points (square symbol) to plot points along the portion of the industrys short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes 80 Demand 72 Industrys Short-Run Supply 64 Equilibrium 48 2 40 32 a 24 16 firms will neither enter nor exit some firms will enter some firms will exit 0 64 128 192 256 320 384 448 512 576 640 QUANTITY (Thousands of jackets) At the current short-run market price, firms will in the short run. In the long run,

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