3 Question 10 (2 points) A perfectly competitive firm has the following schedule of average and marginal costs. output AFC AVC ATC MC 0 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 157 230 9 33 138 171 290 10 30 160 190 360 13 If the market price is $60, the optimal quantity this producer should sell in order to maximize profit or minimize loss is Oo, since the firm is making a loss and should shut-down ooo5. although the firm is making a loss.09 8 3, although the firm is making a loss O A. 5, since the firm is making a profit