George Company produces custom-made shirts in the perfectly oompetitive market. Below show the data for its Total Cost (T C), Average Variable Cost (AVG), and Average Total Cost (ATC) in relation to the quantity of output: (a) (b) (C) (ii) [i 01.1 - - rweek TC ATC - o ' 3130 i .. 1 310 s 310.. __ 2 = 360 so 130" 3 1. 390 70 130 4 j 430 {32.5 5 ' 490 62 9s ' s . 570 95 7 670 are 95.71 . 8 790 93.75 i Give a sketch for the short-run and long-ran supply curve for Gauge Company [Remark your sketch should identaz clamp! the 511;.me curves, reect the essential data and be property (abetted; mere is Q need to draw to scale] (4 marks) Suppose the equilibrium market price is $100. How many shirts 511on George produce in order to maximize prot? Calculate the relevant economic prot or loss. (2 marks) If next week the equilibrium market price drops to $60, should George stay in business, shut down or exit from the market? (1 mark) Explain why the long-run supply curve for the competitive market ma}r be perfectly elastic (horizontal)