1. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $140.

Output	FC	VC	TC	TR	Profit/Loss
0	$75	$0	___	___	___
1	75	90	___	___	___
2	75	170	___	___	___
3	75	290	___	___	___
4	75	430	___	___	___
5	57	590	___	___	___
6	75	770	___	___	___

a. Complete the table.

b. What level of output should the firm produce to maximize profits?

c. Assume this firm is making a loss when it produces its seventh unit of output. What should the firm do in the short run? Should it operate at loss or shut down in the short run?