Megan entered a perfectly competitive industry producing potatoes at her farm. To produce at her optimum level of output, Megan must sell 600 potatoes in a week at a price of $2 per potato. At this output level, Megan's average total cost is $3 and average fixed cost is $1.

Calculate Megan's total revenue, total cost, total fixed cost and total variable cost in a week at the optimum level of output.

Is Megan making a profit or loss at this level of output, and by how much?

From the information, should Megan shut down her farm in the short-run or long-run?