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7. The Smith shoes factory produces quality dress shoes. The market for quality dress shoes is monopolistically competitive. The company receives a report from a

7. The Smith shoes factory produces quality dress shoes. The market for quality dress shoes is monopolistically competitive. The company receives a report from a consulting firm concluding that the demand for curve for its product is Q = 40,000 - 500Q and its total cost function is

C(Q) = 270.000 + 28Q - 0.005Q² + 0.000001Q³ (MC = 28 - 0.01Q + 0.000003Q²)

Should the firm actually produce in the short run or shut down?

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