Read the Modules on the topic of Market Structures. Answer all assignments in English. Resolve exercises in a step-by-step approach in order to show exactly how you obtained your result. Explain the economic meaning of the quantitative results obtained. Recall that copy and paste from websites is not allowed without the permission of the author. Submit on or before its due date. Exercise 1 XYZ Corporation faces a horizontal demand curve and the market price is given to be $15. Total variable cost equation for XYZ Corporation is equal to: TVC = .25Q-3Q +20Q where Q is quantity in thousands a) What key concept must be implemented if the firm wants to maximize profits in this market? b) Which volume of output should XYZ Corporation produce if it wants to maximize profits? Explain why. Exercise 2 XYZ Corporation operates in a perfectly competitive market. The Corporation's total costs are represented by the equation: TVC = 20Q 60Q +10Q where Q is quantity and measured in thousands. The objective of management is to determine below what price the company should shut down operations. a) Calculate the shutdown price of operations for Corporation XYZ.