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

Output Price FC VC TC TR Profit/Loss

0 $90 $30 $0 ____ ____ ________

1 80 ____ 40 ____ ____ ________

2 70 ____ 80 ____ ____ ________

3 60 ____ 140 ____ ____ ________

4 50 ____ 220 ____ ____ ________

5 40 ____ 320 ____ ____ ________

6 30 ____ 440 ____ ____ ________

7 20 ____ 580 ____ ____ ________

What level of output maximizes profit or minimizes loss?

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