Should a firm shut down (and why) if its revenue is R = $1,000 per week, a. its variable cost is VC = $500, and its sunk fixed cost is F = $600? b. its variable cost is VC = $1,001, and its sunk fixed cost F = $500?If the pre-tax cost function for John's Shoe Repair is Cig) = 100 + 10g - 2 + 1 3 and it faces a spe- cific tax of t = 10, what condition determines the profit-maximizing output if the market price is p? Can you solve for a single, profit-maximizing & in terms of pi (Hint: See Solved Problem 8.2.) CEach of the 10 firms in a competitive market has a cost function of C = 25 + q', so its marginal cost is MC = 24. The market demand function is = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. A