1. Perfect Competition (15 points) Complete the table. Q TFC TVC TC ATC AVC MC 100.00 $100.00 1 100.00 $150.00 2 100.00 $200.00 3 100.00 $255.00 100.00 $320.00 5 100.00 $425.00 100.00 $570.00 7 100.00 $770.00 a. If the market is price is $170, find the quantity a profit maximizing firm would choose to produce. Calculate profits or losses. b. If the market is price falls to $72, find the quantity a profit maximizing firm would choose to produce. Calculate profits or losses. Should the firm shut down immediately? Explain why or why not. c. If the market price starts out at $170, what would you expect to happen in the long run in this industry to the price and profits? Explain why