PROBLEM #3 A small company manufactures a product in a perfectly competitive industry. The table below indicates the company's total fixed and total variable costs (TFC and TVC) in the short run. Compute the total cost (TC), marginal cost (MC), and average total cost (ATC) for the company at each level of output (complete the table). Quantity (q) TFC TVC = TC MC ATC 400 0 400 400 1,800 2 200 3,100 N 400 2,700 w 400 3,100 3500 400 3,800 4, 200 5 400 5,900 6 , 300 PROBLEM #3 (CONTINUED) a. Briefly explain why the company's total cost is positive, even if the company decides not to produce any output. b. Find the level of output at which diminishing marginal returns set in. C . Suppose the current market price for this product is $2,000. Find the quantity that this company will choose to produce and sell if the goal is to maximize profits. You may use any valid method for finding the profit-maximizing level of output