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Using this information, answer the following questions. For any answers with a negative value, use a negative sign or put your answer in parentheses. - 1. When the firm produces zero output, TFC is equal to A - 2. If the market price for this product were $110, what would be the profit maximizing level of output (Q) ? A - 3 . How much profit would the firm be earning at this price? - 4. Which scenario best describes what this firm should do in the short run? Indicate your answer with the letter associated with your choice. - a) shutdown (produce zero output) and hope things turn around - b) continue to produce the profit maximizing output at a loss and hope things turn around. - c) sell the business or declare bankruptcy - d) continue operating at zero profit - e) continue operating at a positive profit