this is one question with 4 parts
Suppose a competitive firm's total cost function is given by TC=5Q3−20Q2+360Q+500 1. What are the firm's Variable Cost (VC), Average Total Cost (ATC), Average Variable Cost (AVC), and Marginal Cost (MC) functions? (1 pt each) (No need for explanations, just provide the expression for each.) 2. What is the shutdown price? Show your work. (3 pts) 3. If the produced good sells for $360, how much will the firm produce? Explain your reasoning. (1 pt) 4. If the good sells for $240, how much will the firm produce? Explain your reasoning. (1 pt)