2. Complete the following schedule of data. Q TFC TVC TC AFC AVC ATC MC

2. Complete the following schedule of data.

Q TFC TVC TC AFC AVC ATC MC

7 $100 ______ $150 ______ ______ ______

8 ______ ______ 156 ______ ______ ______

9 ______ ______ 163 ______ ______ ______

10 ______ ______ 171 ______ ______ ______

11 ______ ______ 180 ______ ______ ______

12 ______ ______ 190 ______ ______ ______

13 ______ ______ 201 ______ ______ ______

14 ______ ______ 213 ______ ______ ______

15 ______ ______ 226 ______ ______ ______

16 ______ ______ 240 ______ ______ ______

17 ______ ______ 255 ______ ______ ______

18 ______ ______ 271 ______ ______ ______

19 ______ ______ 288 ______ ______ ______

20 ______ ______ 306 ______ ______ ______

For each of the following product prices determine the two levels of output between which a perfectly competitive firm will produce in the short run so as to
maximize profits or minimize losses. Also determine if the firm will be earning positive zero or negative economic profits by calculating the amount of
profit or loss at either of these two levels of output. Will the firm want to continue operation?

a. P = $17

b. P = $15

c. P = $10

d. P = $ 6