An industry consists of many identical firms, each with the short-run cost function C(31) = 80+25y 6y2 +y3 a. What is the shut-down price level for one of these firms? In. If the market price is $40, and each firm is a price-taker, how much output will each firm supply? c. How much profit or loss is each firm making at this price? i. If the market price is p, derive the supply curve of the firm y(p). ii. If the government imposes a lumpsum tax of T dollars on every firm in the industry, how will it change the output choice of each firm in the short run? Hint: how will this change the expression for the firm's profit? Explain. iii. If the government imposed a percentage tax of t E (0,1) on a firm's profits, how would that change the output choice of each firm in the short run? Explain. iv. If the government imposed a tax of $1: per unit produced by a firm, how would that change the output choice of each firm in the short run? Explain