1.The market price in a perfectly competitive industry is P-$115. Suppose that you have estimated the AVC function for a perfectly competitive firm to be; AVC - 125- 21Q-+0007Q2 Total fixed cost equal $3.500 a. Find the profit maximizing output for this perfectly competitive firm at the market price. b. Calculate total revenue at the profit maximizing output. c. Calculate total variable costs at the profit maximizing output. d. Calculate profits at the profit maximizing output e. Should this firm produce at the profit maximizing output or should it shut down? Justify your answer in words and by using numbers, not just by reporting a rule. f. Calculate the unique market price below which the firm should shut down. Is your answer in part e consistent with what you have just found in part d