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3. A competitive firm is selling its product. The price for its product is $8. Round your answers to two decimal places a. Complete the TC, AFC, AVC, ATC, MC, TR, MR, and profit columns in the table below. (8 marks) Total product TFC TVCTC AFC AVC ATC MC TR MR Profit 0 $10 $0 1 $10 $7 2 $10 $12 3 $10 $21 4 $10 $40 5 $10 $75 6 $10 $132 7 $10 $217 8 $10 $336 9 $10 $495 10 $10 $700 b. At what price and output level will the above firm maximize its profit or minimize its loss? Should this firm continue to sell in the short run? Should it continue to sell in the long run? Explain your answer. (5 marks) C. Based on the table, what is the important relationship between ATC and MC? (2 marks)