2. What is the lowest price you would be willing to start producing this new product? Be precise. Don't round up to the nearest dollar. (1 mark) 3. If you were already committed to the fixed costs, how low could the price per chair fall before you would consider shutting down production? Remember, in the SHORT RUN, you have to keep paying your fixed costs whether you produce any chairs or not. If you can cover your variable costs, then anything over that will reduce your fixed costs. You may be losing money in the short run but you are losing less money. (1 mark) For Questions 4 to 7, you need to fill in the table for each question. You also need to STATE how many workers, the level of production and the profit you will make. Your costs, quantities and # of workers will be the same as you calculated in Question 1. 4. If the price per chair was fixed at $90, what would you do? Remember, in the short run you can't alter fixed costs, you can just decide where to set the level o production. You need to calculate total revenue and profit or loss for each level as you are given the average revenue. Remember to state both what level o production you would choose and what dollar profit you would make. mark)