Refer to the News Wire and answer the following questions. NEWS WIRE COMPETITIVE PRESSURE The T-Shirt Business: Too Much Competition At first blush, the T-shirt business looks like a sure thing. All you need is a bunch of blank T-shirts, a wall full of jazzy transfers, and a heat press. You can buy blank shirts for as little as $1.60 apiece and stock transfers for $1.50 a shot. That's a $3.10 investment. Sell the shirt for $15 and you've got a nice, fat profit margin. What could be easier? Trouble is, everyone knows the formula. In fact there are dozens of websites that offer not only the necessary supplies, but also sage advice on how to set up your T-shirt shop, either online or in a real store. They all promise you can get rich selling T-shirts. T-shirt shop owners aren't so sanguine about getting rich. Quite simply, there are far too many T- shirt shops and online outlets. The competition is fierce. So T-shirt shops have to battle for customers every day. As a shop owner in South Padre Island lamented, "Every day you have to compete with other shops. And if you invent something new, they will copy you." Source: Industry websites and news, 2015 Using the information contained in the News Wire above along with the following cost data and sales numbers, calculate revenue, cost, and profit for a T-shirt shop. Rent = $500.00 per day Labor cost = $3.00 per shirt Output (sales) = 60 shirts per day Instructions: Round your response to one decimal place. a. Total revenue per day b. Average total cost c. Per unit profit d. Total profit per day