3. Conigan Box Company produces cardboard boxes that are sold in bundles of 1000 boxes.The market is highly competitive, with boxes currently selling for $100 per thousand.Conigan's total and marginal cost curves are: (12 points)

TC = 3,000,000 + 0.001Q2

MC = 0.002Q

where Q is measured in thousand box bundles per year.

a) Calculate Conigan's profit maximizing quantity.

b)Is the firm earning a profit?If yes, by how much?

c) Analyze Conigan's position in terms of the shutdown condition.Should Conigan operate or shut down in the short-run? Why or why not?