The table in this question shows total cost and total revenue information for a perfectly (or purely) competitive firm.
Quantity Total Cost Total Revenue
0 500 0
1 600 135
2 710 270
3 830 405
4 960 540
5 1100 675
6 1250 810
7 1410 945
8 1580 1080
9 1760 1215
10 1950 1350
1) Firms earning a loss will sometimes shut down in the short run. What will the profits be if this firm shuts down? $________
2) What quantity will the firm produce if it shuts down in the short run? _______Units
3) Firms sometimes prefer to minimize losses by continuing to operate in the short run. If this firm chooses to operate, what will the profit equal? (enter a negative number for a loss) $________
4) What quantity will the firm produce to minimizes losses in the short run? _______Units