l 1. Specslnc is one of the many small, similarsized producers in a market with free entry and exit, producing a product that is similar to other products in this market. Specs Inc production and cost gures are provided, as shown in the Table, below. ' a. (4p) Fill in the table with the values for Marginal Costs, Marginal Revenue, Average Total ' Costs, and Average Variable Costs. Show the formula in therst row similar to what we did in ' our reading guide. . Average Marginal Average Variable Revenue Costs _ Costs Total Marginal _---!!! -a-:-:-t . 1 $ = ' I b. (3p) Find the prot-maximizing output level the contractor should produce, Q5; with;_ _ . ; the market price at P=$8 per unit. justl'jjr your choice. Calculate the contractor's prot at this level of production. Show your work. c. 3p) The shrinking economic activity due to COVlD-19 lowers the demand for sunglasses, resulting in a new, IOWer market price, at $3 per unit. I What is the new Qs if P=$3? Calculatethe new prot. Should the rm shut-down in the short run? Yes/ No Justijjr