Question 1 (20 marks) a) Explain the prot maximisation strategy for perfectly competitive firm. (3 marks) b) A perfectly competitive firm Top Pizza is selling pizza in Sydney market whose marginal cost, average variable cost and average total cost curves are shown in the diagram below, MC P $lslice Q slicesiday a. Determine the prot-maximising level of output at a price of $2.50 using the above diagram. (3 marks) 1). At the prot maximising level of output, calculate how much prot will this producer earn if the price of pizza is $2.50 per slice? (14 marks)