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A perfectly competitive industry has 70 identical firms in the short run, each of which has the short-run cost curves listed in the following table. Output Average total cost Average variable cost 11 Marginal 20.5 13.1 12 12 19.8 13 14 13 19.3 13.1 14 16 19.1 13.3 15 18 19 13.6 16 20 19.1 14 17 22 19.2 14.5 18 24 19.5 15 19 26 19.8 15.6 20 28 20.3 16.2 21 30 20.7 16.9 The industry demand is given in the next table Price Quantity demanded 11 3200 13 3000 15 2800 17 2600 19 2400 21 2200 23 2000 25 1800 27 1600 29 1400 31 1200 What is the shutdown point? What is the break-even point? ge What amount of profit (or loss) is being made by each firm at the short-run c) equilibrium? Is this industry in long-run equilibrium at its present size? What is the optimal number of firms in the long-run