Question 4 25 pts The production and cost functions of a perfectly competitive rm that produces good x in a perfect competition market structure in the short-run are shown below. K L TP or Q TC ATC MC 16.5 7 683 400 400/683 16.5 8 700 410 41/70 10/17 16.5 9 706 420 210/353 5/3 16.5 10 708 430 215/354 5 PK=20, PL=10 A. What is the prot-maximizing output level of the rm in the short-run. if the market price of good x is 1.67? In no more than three sentences, explain why. B. How much is the maximum (economic) prot that the rm can earn in the short-run? C. In the longrun, how much economic prot does the rm earn? Why