1) Your firm produces a line of condiments that are sold widely in health food stores in the region. There are few barriers in this market, with your firm trading mostly on its reputation, offerings and customer loyalty. The firm has a total cost function of: TC = 40Q3 550Q2 + 1200Q + 8000 (in 100s of cases of product produced), and currently faces a demand curve of P = 4500 650Q (in price per 100 cases). a) What is the current optimal production quantity, in the face of what price, generating what level of profit? b) What does it imply about the firms operations and competitive market? c) What would Demand have to be to ensure a lack of entry or exit? d) What might the firm do to make Demand shift in such a way?