q1 suppose a competitive firm that is profit, Business Economics

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q1 suppose a competitive firm that is profit

Q1. Suppose a competitive firm that is profit maximizing pays a wage of $750 per week and the price of its output is $15. Based on this information, you may surmise the firm's marginal product.

Q2. Suppose a small firm has invested $10 million in total fixed cost and another $18 million in total variable cost.

The firm has started marketing its new product at a price of $25.00 per unit; however, the average variable cost of the product is $30.00. Should this firm shut down? Why or why not?

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