4. Suppose that any given individual firm in this same perfectly competitive industry has the following: =2 +60 =+60 =2 Also, assume the market price is P* = 30. Find the quantity that the individual firm would produce at this price. Show work. (1 point) 5. Using this quantity, what is the short-run profit or loss earned by a typical firm in this industry at this market price? Show work. (2 points) 6. Draw a graph showing this single firm (the ATC and MC functions) and its profit or loss. To do this, will also have to show the price, quantity chosen by the firm, and the average costs of production at that output level. Label everything clearly. (3 points)