Question 1 (20 marks) The T-shirt market is a perfectly competitive market. White T-shirt Manufacturing Company is one of the T-shirt manufacturers in the market. The company has a fixed cost of $100. The company's average variable costs at different quantities of output are shown in the following table. (No need to show your calculations for this question.) Quantity Average variable coste 02 18 $20 2e $30- ze $40 42 $50e se $64 6e $80 The market price of T-shirt is $80 each. B. Calculate the profit or loss of the company if it produces at the quantity that maximizes profit/minimize loss. (4 marks) tt. C. Is the T-shirt market in long-run equilibrium under the current situation? Explain you (4 marks) answer. 1 D. Is the company producing at the company's Efficient Scale? Explain your answer. (6 marks) ttt I I tttt