1. Maria owns a woodred pizza shop which imitates traditional Italian methods. She uses a unique sauce that attracts a loyal following of customers. The demand for her pizzas is g = 1650 250p, and her costs are TO(q) = 0.72q + 0.0035972. q is the number of pizzas sold per week, T001) is Maria's weekly total cost, and p is the price of a pizza. (a) What price and output will Maria choose to maximize prots? (b) Maria returns to college and asks her cousin Victor to manage her pizza business. Victor faces the same demand and cost conditions as Maria, but he decides to maximize revenue. What price and output should he choose? 2. Joshua owns a small boat and catches lobster off the coast of Maine. His weekly cost function is TO (q) = 40 + 5:} + 5972. He sells his lobsters to the local wholesaler at the market price p (in dollars). (a) Find Joshua's shortrun supply function for lobsters. (Hint in this case shortrun marginal cost is the same as longrun marginal cost.) (b) Find Joshua's longrun supply function for lobsters. (c) Find Joshua's shutdown price and Joshua's breakeven price (the price at which prot equals zero). ((1) Suppose the market price is $30, calculate his prot. What will Joshua do in the long run? Explain