I pot be ifi life long run. 4. Consider Bob's company described in Problem 3. Assume that flower pot production is a perfectly competitive industry. For each of the following questions, explain your answers. a. What is Bob's break-even price? What is his shut-down price? b. Suppose the price of a flower pot is $2. What should Bob do in the short run? c. Suppose the price of a flower pot is $7. What is the profit-maximizing quantity of flower pots that Bob should produce? What will his total profit be? Will he produce or shut down in the short run? Will he stay in the industry or exit in the long run? d. Suppose instead that the price of a flower pot is $20. Now what is the profit-maximizing quantity of flower pots that Bob should produce? What will his total profit be now? Will he produce or shut down in the short run? Will he stay in the industry or exit in the long run