Arnie sells basketballs in a perfectly competitive market. The table below summarises Arnie's output per day (Q) and total cost (TC). Assume that the market price of a basketball is $10.00. Quantity Total Revenue Total Cost Average Total Cost| Marginal Cost ($) ($) ($) ($) 0 $10.00 15.00 N 17.50 22.50 30.00 40.00 52.50 H 7 67.50 a) Complete the table (2 marks) b) What is Arnie's profit maximizing output? How much will be his profit (or loss)? Briefly explain how you arrived at these answers. (3 marks) c) Is Arnie's business operating in the short run or long run? Briefly explain why. (1 mark)