please solve this immediately

8:44 MBAF504 Assignment #3 The Theory of th 1. What are the three general rules for the profit maximization f market? 2. In a competitive market, when does a firm decide to shut dow a graph to illustrate. 3. When does a competitive firm decide to exit a market comple graphs to illustrate. 4. The table provides data on a market demand sched- ule (top two rows) and a firm's average and marginal cost schedules (bottom four rows). Price P ($) 24 20 16 12 8 Quantity 3,000 4,000 5,000 6,000 7,000 Firm's output 2 3 5 MC ($) 11.00 11.13 12.00 13.63 16.00 ATC ($) 13.50 12.25 12.00 12.19 12.70 AVC ($) 11.25 11.13 11.25 11.63 12.25 Questions 1. What is the firm's shutdown point? 2. If there are 1,000 identical firms in the market, what is the market price and quantity? 3. With 1,000 firms, will firms enter or exit? 4. What is the long-run equilibrium price, quantity, and number of firms? O