Imagine a competitive firm operating in a perfectly competitive market. The current market price for its product is $30 per unit. This firm's total cost varies with production. It has fixed costs of $500 and incurs variable costs for each unit it produces. Let's examine its production decisions. a. If the firm's variable costs for each additional unit of output are $15, what is its marginal cost of production? b. At the current market price of $30 per unit, should the firm produce in the short run? If so, how much should it produce to maximize profits? c. If the market price drops to $25 per unit, how will this change the firm's short-run production decision? Explain