Suppose price falls to $34. Where should the firm produce, if at all? Does the firm maximize profit or minimize loss at that output level? How much?

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OUTPUT P AR MR MC AVC ATC 0 $40.00 1 40.00 40.00 3 40.00 40.00 5 40.00 40.00 7 40.00 40.00 40.00 40.00 $31.00 $31.00 $54.00 28.00 29.50 41.00 31.00 30.00 37.67 34.00 31.00 3675 37.00 32.20 36.80 40.00 33.50 37.33 43.00 34.86 38.14 46.00 36.25 39.13 49.00 37.67 40.22 52.00 39.10 41.40 10