3. Suppose that the total fixed cost for a particular competitive firm is $6. The marginal cost for the first unit of produced is $10 and decreases by $2 for each of the next two units produced. Thereafter marginal cost increases by $2 for each additional unit. Units MC | TVC AVC S| B | W N a. What is the shutdown price? b. What is the breakeven price? c. If the market price is $10, what is the firm's profit maximizing output? What is the firm's total profit or less? 4. Complete the table below, which shows the cost and revenues of Solo the monopolist. Quantity | Price | TR | MR | MC | TC 0 - - - - 65 1 32 8 3 2 7 80 3 28 6 86 4 5 91 5 120 6 97 6 104 7 20 8 112 8 9 121 9 10 131 10 12 143 a. What are the values of the profit maximizing output, price, and total profit or loss? b. At what output will total revenue be maximized, and what will be the value of total revenue? c. What is the value of MR when profits are maximized and when total revenue is maximized