Question 2 (a) The table below shows the information on price, output and cost of a firm. Quantity Price Total Cost 0 $10 $20 10 $9 $60 20 $8 $90 30 $7 $140 40 $6 $200 50 $5 $280 60 $4 $400 ECO201 Copyright @ 2020 Singapore University of Social Sciences (SUSS) Timed Online Assignment - July Semester 2020 Page 3 of 5 Determine the optimal output of the firm and show why it is the optimal output and compute the profit or loss of the firm at the optimal output. At what price will cause this firm to shut down in the short run? At what price will cause this firm to exit from the industry in the long run? Between the short run and long run shut down prices, which shut down price is higher and why