1. A monopolistically competitive firm has the following demand and cost structure in the short run.

Output	Price	FC	VC	TC	TR	Profit/Loss
0	$85	$25	$0	____	____	________
1	75	____	50	____	____	________
2	65	____	90	____	____	________
3	55	____	130	____	____	________
4	45	____	230	____	____	________
5	35	____	340	____	____	________
6	25	____	450	____	____	________
7	15	____	680	____	____	________

a. Complete the table.

b. What level of output maximizes profit or minimizes loss?

c. Should this firm operate or shut down in the short run? Why?