3. Table 1 Q TR TC TVC 4000 ATC AVC TFC AFC P 3600 2.2 2000...

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3. Table 1 Q TR TC TVC 4000 ATC AVC TFC AFC P 3600 2.2 2000 Q: Quantity; TR: Total Revenue; TC: Total Cost; TVC: Total Variable Cost; ATC: Average Total Cost; AVC: Average Variable Cost; TFC: Total Fixed Cost; AFC: Average Fixed Cost; P: Price. (A) Complete the Table 1. (B) A perfectly competitive firm currently faces conditions shown in Table 1. At its current level of production, the AVC (Average Variable Cost) of the firm is minimized, suggesting that its MC (Marginal Cost) equals its AVC (Average Variable Cost). Is the firm maximizing its profit? Explain why. (C)If you were the consultant hired by the firm, how would you suggest the firm manager to do in the short run? Explain why? A graphical analysis is required. 3. Table 1 Q TR TC TVC 4000 ATC AVC TFC AFC P 3600 2.2 2000 Q: Quantity; TR: Total Revenue; TC: Total Cost; TVC: Total Variable Cost; ATC: Average Total Cost; AVC: Average Variable Cost; TFC: Total Fixed Cost; AFC: Average Fixed Cost; P: Price. (A) Complete the Table 1. (B) A perfectly competitive firm currently faces conditions shown in Table 1. At its current level of production, the AVC (Average Variable Cost) of the firm is minimized, suggesting that its MC (Marginal Cost) equals its AVC (Average Variable Cost). Is the firm maximizing its profit? Explain why. (C)If you were the consultant hired by the firm, how would you suggest the firm manager to do in the short run? Explain why? A graphical analysis is required.