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1. Jim operates a donut shop in a market where he takes the price of $2 per donut as given. His total cost of production is given by TC(q) = 50+0.01q' and his marginal cost of production is given by MC(q) = 0.02q. At his profit maximizing output level of q* = Jim earns profit. a. 50 donuts; $5 b. 100 donuts; $50 c. 50 donuts; $15 d. 2,000 donuts; $1,580 e. Jim should shut down