Jo sells beautiful flower bouquets at the Sunday markets. Assume the market for flower bouquets is perfectly competitive. Jo sells her bouquets at the market price of $50. At the profit-maximising level of 51 bouquets, Jo's average total cost is $44 per bouquet. The minimum average variable cost is $43 per bouquet.

Answer the following questions:

1. Jo's economic profit or loss is (use a negative value if a loss). Answer in dollars.
2. State whether the following statement is true or false: "At the profit-maximising quantity, Jo is making an economic profit of $6 per bouquet." Type T for true, or F for false .
3. State whether the following statement is true or false: "Jo should shut down if the market price is $39 per bouquet." Type T for true, or F for false .