Consider the following short run cost data for a firm operating in a purely competitive market. Answer the questions below. B PIARC JAVC |ATC [MC 15 80.00 | $ 60.00 $140.00 $ 60.00 254000 $ 50.00 $ 90.00 | $ 40.00 | 3826675 4500 % 7167 |$ 35.00 | a[$2000[$ 41.25|$ 61.25| 5 30.00 | 5/$ 1600 $ 4000 $ 5600 $ 35.00 | 6/51333]% 40.00|% 53.33| 5 40.00 [ 7] 1143]$ 4071($ 5214 |5 45.00 | 8/$1000|$ 4250 $ 5250 5 55.00 | ol5 889(% 4500]$ 53.89|$ 65.00] | o 1 10 = 1800 $ 48.00 $ 56.00 | $ 75.00 a) Assume the current market price is $66.00. Should the firm produce? What level of output will maximize profit or minimize loss? Calculate profit or loss for the firm in the short run. b) Assume the market price falls to $46.00. Should the firm produce? What level of output will maximize profit or minimize loss? Calculate profit or loss for the firm in the short run. ) Assume the market price falls further to $36.00. Should the firm produce? What level of output will maximize profit or minimize loss? Calculate profit or loss for the firm in the short run