4. the table above represents the cost structure of a perfectly competitive firm where the market price is $2. a) find this firm's profit maximizing point of productionb) how much is this firm earning at that quantity?c) will this firm shut down or continue in the short run?d) if this firm is representative, how will the market react to this profit level in the long run? what will Pe^LR be? How do you know?

Q FC VC TC MC AFC AVC ATC 0 100000 O 1000 100 000 8000 108000 8 100 8 108 2000 100000 12000 112000 4 SO 6 4000 100000 18000 118000 3 4. 5 29.5 8000 100000 28000 128000 2.5 12 . S 3.S 16 10000 100000 32000 132000 2 10 3.2 13.2