3. Assume a single firm in a purely competitive industry has variable costs as indicated in the following table in column 2. Complete the table and answer the questions. Show work to receive credit. (1) (2) (3) (4) (5) (6) (7) Total Total Total product var. cost cost AFC AVC ATC MC 0 $ 0 $ 40 $ $ $. 1 55 $_ 2 75 3 90 A 110 133 170 210 8 290 (a) At a product price of $52, will this firm produce in the short run? Explain. What will its profit or loss be? (b) At a product price of $28, will this firm produce in the short run? Explain. What will its profit or loss be