Discusiion A firm in a competitive market has the following total cost function TC = Q + 180Q +140,000 TC = Q+200Q+140,000 1. Assuming the market price is 1200, at what output is the highest profit margin? What is the profit margin and the total profit achieved? 2. Assuming the market price is 1200, which level of output will be maximized to maximize profits? What is the profit margin and total profit achieved? Comment on output level max margin and max profit margin. 3. At the above price range, in what output range does the firm produce without any loss? 4. Determine the break-even price and closing price of the business? s. If the market price drops to 800, lower than the break-even price, should the firm continue to produce? If produced, t what output should it be produced? How is profit or loss