3. Consider a perfectly competitive market for shirts. The following graph shows the daily cost curves of a firm operating in this market. In the short run, at a market price of $18 per shirt, this firm will choose to produce _____________ shirts per day.On the previous graph, shade the area representing the firm’s profit or loss if the market price is $18 and the firm chooses to produce the quantity you already selected. The area of this rectangle indicates that the firm would have _____________________ of ______________ per day.For each price in the following table, calculate the firm’s optimal quantity of units produced and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost.Assume that if the firm is indifferent between producing and shutting down, it will produce. (AVC=$7.5 when output is 30) If a firm shuts down, it incurs its fixed costs (FC) in the short run. In this case, the fixed cost of the firm producing shirts is $135,000 per day. In other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). This firm’s shutdown price—that is, the price below which it is optimal for the firm to shut down—is ______ per shirt.