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Assume that a firm in a perfectly competitive market can sell its product for $35 (i.e. price per unit of output). Furthermore, it faces the following costs as shown in Table 2: Table 2 _ _ _ a) Calculate Total revenue (TR), Marginal Cost (MC), Fixed Cost (FC), Variable cost (VC) and Average Cost (AC). b) What is the profit maximizing output level? Is this firm is making a profit or loss at profit maximizing output level? Explain. c) Do you think the firm will continue its production in the short run? What will be the long-run price in this market