8-2 Determine the perfectly competitive firm's profit-maximizing output in the short run 4. (Short-Run Profit Maximization) A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $150. Profit/ Output FC VC TC TR Loss 0 $100 $0 1 $100 $100 2 $180 3 $100 $300 4 $100 $440 5 $100 $600 6 $100 $780 $100 0 AWN a. Complete the table. b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average revenue? d. What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit-maximizing (or loss- minimizing) rate