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Suppose Rachel owns a profit maximizing firm that produces a generic form of aspirin. Assume that the market for aspirin is perfectly competitive and all firms are identical. Her fixed costs are $7 per month. Her variable costs per month are given in the following table: (For Simplicity, assume Rachel can only produce in whole units each month) Quantity Variable Cost Total Cost | AVC ATC 0 SO 7 8 15 8.00 15.00 11 18 5.50 9.00 W N 15 22 5.00 7.33 21 28 5.25 7.00 29 36 5.80 7.20 39 46 6.50 7.67 Use this information to answer the following questions. A. If the short-run market price for aspirin is $6.50, what is the profit maximizing level of output for Rachel in the short-run? Briefly explain how you derived your answer. B. If the market price is $6.50 and Rachel produces the profit maximizing level of output, how much profit will Rachel earn each month? (Work must be shown in order to earn full credit) C. At a price of $6.50, would Rachel choose to operate her firm in the short-run or would she shut down? Briefly explain your reasoning