Identify the equilibrium price for the figure above.

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  In the above figure, D & S denotes the original demand & supply curves. P & Q are the market equilibrium price & quantity.

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  So the equilibrium quantity is xe = 20 units. The equilibrium price is Pe = P1(20) = P2(20) = 42 * 20 = 840 dollars. (2) The consumer surplus and produce surplus are labeled in the above figure.

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  In short run firm will exit out of the market if Price is less than the AVC. Above graph shows that minimum of AVC is P2. The firm will go out of the market for price less than P2.

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