Assume a single firm in a purely competitive industry has variable costs as indicated in the following table in column 2.Complete the table and answer the questions.

(a)At a product price of $52, will this firm produce in the short run?Explain.What will its profit or loss be?

2.Assume a single firm in a purely competitive industry has variable costs as indicated in the following table in column 2. Complete the table and answer the questions. (1) (2) (3) (4) (5) (6) (7) Total Total Total product var. cost cost AFC AVC ATC MC 0 $ 0 $ 40 $ $ $ 55 2 75 3 90 --- 4 110 5 135 6 170 220 8 290 (a) At a product price of $52, will this firm produce in the short run? Explain. What will its profit or loss be