Given the following information, state whether the perfectly competitive firm should shut down or continue to operate in the short run.In each case, if the firm shuts down, what is the loss amount?If the firm decides to operate, does it make a profit or take a loss.What is the amount?Compute the producer's Surplus in each case. (10 PTS)

a) Q = 25; P = $12;AFC = $3;AVC = $5

Should the firm operate in the short-run?Yes: _______;No: ________

Profit Amount: ______Loss Amount:_______Surplus Amount: __________

b) Q = 50; P =$8;AFC = $2;AVC = $7

Should the firm operate in the short-run?Yes: _______;No: ________

Profit Amount: _______ Loss Amount:________Surplus Amount: ________

c)Q = 40P = $5;AFC = $2;AVC = $6

Should the firm operate in the short-run?Yes: _______;No: ________

Profit Amount: ________Loss Amount: __________Surplus Amount: _________

d)Q = 50;P = $8;AFC = $3;AVC = $4

Should the firm operate in the short-run?Yes: _______;No: ________

Profit Amount: ________Loss Amount: ___________Surplus Amount: _________