a) Explain the profit maximisation strategy for perfectly competitive firm. b) A perfectly competitive firm (Top Pizza) is selling pizza in Sydney market whose marginal cost (MC), average variable cost (AVC), and average total cost curves (ATC) are shown in the diagram below, (1 mark) Price $/slice MC ATC AVC 2.5 1.8 1.6 1.2 250 400 Q slices/day a. Determine the profit-maximising level of output at a price of $2.50 using the above diagram. (1 mark) b. At the profit maximising level of output, calculate how much profit will this producer eam if the price of pizza is $2.50 per slice? (1 mark)