Pat's Pizza Kitchenis a price taker, and the table displays its total costs:

Output (pizzas per day) Total cost

00

121

230

341

454

569

690

(i)What is Pat's shut-down point? I mean a price below which Pat will not be operating.

(ii) Calculate/identify Pat's supply curve.

(ii) Calculate the profit-maximizing quantity and economic profit if the price is $14 a pizza.

(iii) Assume that now, there is an increase in fixed costs =20, whereas TVC stays the same.Assume that there are many homogeneous firms allowed to enter/exit. Can you compute the (long-run) equilibrium price?