Say you are the manager of a perfectly competitive firm selling a product. Your

Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you doshut down or continue to operate? Use hypothetical numbers to explain.Information you need to provide includestate the product you are sellingthe price of the productthe quantity of the product you producefixed coststotal costfigure out total revenuetotal and average variable costs.Then go ahead and make your decisionExplain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down as the case may be.How do fixed costs play a role in your analysis?What is the difference between shutting down and going out of business?