Problem #1 [class example) You are the manager of a perfectly competitive firm. The current price in your market is 570. Your total cost curve in the short run is TC=200+25q6q2+1;3q3. 1. What price should your charge in the short run? 2. What level of output should you produce? 3. Will you make any profits {or losses)? If so how much? 4. What is the shutdown price? if your long run cost curve is given by TC=120q20q2+q3 5. What is your price in the long run? 6. What are your profits