5. Profit maximization and shutting down in the short run
Suppose that the market for cashmere sweaters is a competitive market. The following graph shows
the daily cost curves of a firm operating in this market.
For each price in the following table, calculate the firm's optimal quantity of units to produce, and
determine the profit or loss if it produces at that quantity, using the data from the graph to identify its
total variable cost. Assume that if the firm is indifferent between producing and shutting down, it will