The following cost function represents your nail salon, whicSuppose the market price is $30. Should this firm stay in business or shut down? How much should the firm produce, what price will they charge, and what will their profits be? Explain using concepts from class. Illustrate their profit or loss on the graph. b. What is this firm's short-run supply function? (hint: it should be a step function, ()). Also, highlight the short-run supply curve on your graph.h operates in a competitive market: ??(?) = 3?3 18?2 50? 50, where ? is pedicures offered per day. The corresponding cost curves and graph are below: ??? = 50 ? ??? = 3?2 18? 50 ??? = 3?2 18? 50 50 ? ?? = 9?2 36? 50 a. Suppose the market price is $30. Should this firm stay in business or shut down? How much should the firm produce, what price will they charge, and what will their profits be? Explain using concepts from class. Illustrate their profit or loss on the graph. b. What is this firm's short-run supply function? (hint: it should be a step function, ?(??)). Also, highlight the short-run supply curve on your graph