(Solved): **If possible please explain formulas and how you arrive at your answers** Thank you :) 4) Below ...

**If possible please explain formulas and how you arrive at your answers** Thank you :)

4) Below is a graph depicting the situation for a firm. Answer the following questions. Provide reasons and/or calculations to justify your answers. a) Explain why we know this firm in a perfectly competitive industry. b) What is the shut-down price for this firm? Give a numerical value. c) What is the level of total fixed cost (TFC) for this firm? d) If the price is \( \$ 20 \) per unit, what quantity will the firm choose in the short run e) How much profit does this firm make when the market price is \( \$ 20 \) per unit? f) From the initial situation of a price of \( \$ 20 \) per unit, will firms enter the industry or will they exit? g) What is the long-run equilibrium price in this market? h) What quantity does this firm produce in the long run? i) How much profit does this firm make in the long run?