Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex's product sells for $200 per unit.

Q-0	1	2	3	4	5	6	7	8	9 -10
(TVC)-0	100	180	220	300	390	500	640	800	1000-1250

Answer the following questions: 1. What is the profit-maximizing level of output? Calculate Apex's profit. 2. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex's profit (or loss) in this case? 3. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex's profit (or loss) in this case? 4. Comment on your answers to parts (2) and (3).