Section A: Answer ALL question (Marks: >) 1. Suvreen runs a flower shop in a perfectly competitive market and sells each flower bouquet for $50. Suvreen's flower shop has a fixed cost of $300 and the following table shows her total cost schedules No. of Total Cost flower (S) bouquets 6 445 485 530 9 580 10 635 11 695 a) How many bouquets should Suvreen sell to maximize profit? (3 marks) b) Calculate Suvreen's profit or loss at the chosen quantity from part (a) (2 marks) c) Find the price at which the shop may decide to shut down in the short run (2 marks) d) What is the Break-even price for the firm? (2 marks)