Every year at the Brisbane Exhibition (the 'Ekka'), hundreds of vendors sell Showbags containing an assortment of goods. Assume the market for Ekka Showbags is perfectly competitive. Kelly is a producer in the Showbag market, selling her Showbags at the market price of $5.00. At the profit-maximising output level of 46 Showbags, Kelly'saverage total cost is $4.20 per Showbag.The minimum average variable cost is $3.70 per Showbag.

Answer the following questions:

1. Kelly'seconomic profit or loss is_ (use a negative value if a loss).Answer in dollars, rounded to two decimal places (ie: to the nearest cent).
2. State whether the following statement is true or false: "At the profit-maximising quantity, Kelly is making an economic profit of $1.30 per Showbag." Type T for true, or F for false.
3. State whether the following statement is true or false: "Kelly should shut down if the market price is $3.69 per Showbag."Type T for true, or F for false.