Joe's Widget Factory operates in a perfectly competitive industry. Joe's fixed and variable costs are given in the table below. He is a price taker and can sell as many widgets as he produces for $10 each. Complete the following table and respond to the questions. Your response should be at least 75~150 words (12 paragraphs) in length, including the table. Besides referring to your table to defend your answers, be sure to reference at least one scholarly source related to profit-maximizing rules for competitive firms to support your response. a. What is the profit maximizing (or loss minimizing) level of output in the short run? b. What is the profit maximizing level ofoutput in the long run? c. What are the shut-down prices in the short run and long run? Widgets Fixed Variable Total Average Average Produced Costs Costs Price = MR Marginal Cost Profrts mum #- I' 00 N U1 l N U1 Ll'IUJ - - - 23 - - - - - - - H H H H H H H H H H .- .- .- n n N