1. Glorious Ghoribas is a perfectly competitive cookie maker in Rabat Medina. Its costs are

Output Total costs

0	14
1	38
2	48
3	62
4	80
5	102
6	128

1. What is their profit max output and how much profit do they make if the market price is 12 dhs
2. What is the firms shut down point?
3. Explain why a firm continues to operate if ATC>P>AVC.
4. When will this firm exit the market in the long run? (6 points)