If the government imposed a price ceiling on gasoline

      Using the following production and cost schedule, fill in the remaining blank spaces for the following firm with the information provided: # of workers Quantity FC VC TC MPL ATC AVC MC 0 0 80 1 625 130 2 1325 180 3 2200 230 4 2600 280 5 2900 330 6 3100 380 Using the results from the chart above, draw the ATC, AVC, and MC curves. Explain why those curves have their shape. Assume the firm above is in a perfectly competitive industry. Assume the market for the product has an equilibrium price. Using the cost curves from #5 indicate whether the firm is making a profit Explain in your own words what would happen if the government imposed a price ceiling on gasoline at $4 per gallon. Draw and show the effect you indicated. Show the effects on consumer, producer, and economic surplus based on your drawings.

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