(30 marks) Suppose a company that operates in a perfectly competitive market has the short-run total cost function as STC(Q) = 100 + 2Q + 0.5Q% and the short-run marginal cost function as SMC(Q) =2+ Q. (1) Write down the company's total fixed costs (TFC), total variable costs (TVC), average variable costs (AVC), and short-run average costs (SAC). (2) Suppose all the fixed costs are sunk, what 1s the shutdown price (Ps) of this company? Write down the short-run supply curve of the firm (Qf). How many units of output would the firm produce, if the market price is at P = $107? (3) Suppose only $50 of the total fixed costs are sunk, what is the shutdown price (Ps) of this company? Write down the short-run supply curve of the firm (Qf). How many units of output would the firm produce, if the market price is at P = $107? (4) Use your answers in (2), suppose there are 10 1dentical firms in the market sharing the same short-run supply curve (Qf). Write down the function for the short-run market supply curve. Given the market demand curve Q}, = 80 10P, what is the short-run equilibrium price (P*), the equilibrium output of firm (Q;), and the equilibrium output of the market (Qy,)