1. Suppose that the market for beer is perfectly competitive. For beer production, total cost function is T C(q) = 3Q0 -4.50 +4qQ+500. This firm is facing market price $4 per bottle. Should this firm continue operating or shut down in the short run? 2. Suppose that the market for corn is perfectly competitive. All corn farmers are identical and have long-run total cost function given by TC(Q) = 20 - 160 + 800. The market demand curve is QD = 8,096 - 2P. What is the long-run equilibrium number of firms?