Total Marks: 25 Instructions: Answer the questions in both the sections Section A: Answer ALL question (Marks: 9) 1. FAHIM sells CHOCOLATES for $130 in a perfectly competitive market. The following table contains details about his Quantity and Total Cost: Quantity Total Cost 0 80 1 150 2 170 3 230 4 280 5 350 6 430 a) Find the profit maximizing level of output and economic profit for this firm. (3) b) Draw a diagram based on your answer in part (a). (2) c) Given Fahim's profit or loss situation at what price he should shutdown in the short run? Explain, why or why not. (2) d) What is the break-even price for the firm (2)