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Problem 1 In the market for cut flowers, there are number of small stores each with a short run total cost of TCSR = q2 + 124. Suppose in this industry the recurring fixed cost is entirely sunk. a) Write the expressions for the MC, AVC and ATC of the typical florist and draw the MC, AVC and ATC curves in a diagram. Make sure you first find the quantity where MC and ATC cross over. The market for cut flowers is perfectly competitive. b) Suppose the market price of a bouquet is $15, would the typical florist be open for business? Would it be earning a profit? b1) If open, how many bouquets would the typical florist sell? b2) If selling that quantity, would the florist earn profit, break even, or incur a loss? b3) Should the florist shut down temporarily? Now, suppose only a portion of the recurring fixed cost is sunk. If it shuts down temporarily, the typical florist has total cost of $60 only. c) In this case, if the market price of a bouquet is $15, should the florist shut down temporarily? d) What is the lowest price at which the florist would remain open