3. Consider a perfectly competitive firm with the following short-run total costs: SRTC = 150 + 2q². The corresponding short-run marginal cost is given by: SRMC = 4q. a. If the market price is $80, how much output will the firm produce? b. What will the firm's profits be at a price of $80? c. Find the quantity of output for which marginal cost equals average variable cost. What does this information tell you about this firm's decision about whether to shut down in the short run rather than produce a positive quantity of output?