\fIt's important to calculate Lightning Volt Automotive's profits and losses given their current production costs. You will need to make sound economic decisions by determining the optimal level of production and stating whether the firm should contract, remain at the current level of production, or expand production levels. Even though the firm has recently been formed, it would be helpful to strategize the firm's shutdown point if an external shock were to hit the economy. . Explain how profits and losses are calculated . Identify the most efficient level of production Output (q) TC TFC TVC (TC-200) AFC (TFC/q) AVC (TVC/q) ATC (TC/q) MC (change in TC/change in q) 1 200 200 0 200.00 0 200 0 2 350 200 150 100.00 75 175 249 3 600 200 400 66.67 133.3333333 200 481.3 4 800 200 600 50.00 150 200 647 5 1100 200 900 40.00 180 220 936 6 1450 200 1250 33.33 208.3333333 241.6666667 1261.7 7 1825 200 1625 28.57 232.1428571 260.7142857 1611.9 8 2250 200 2050 25.00 256.25 281.25 2014.9 9 2750 200 2550 22.22 283.3333333 305.5555556 2492 10 3350 200 3150 20.00 315 335 3066 . Explain how firms determine whether they should expand or contract their current operations. . Evaluate the firm's shutdown decision. Identify ways in which a firm could avoid a potential closure