Question: Question Completion Status: QUESTION 1 Suppose a competitive firm faces short-run TR, TFC and TVC at different levels of market prices and outputs, as shown

Question Completion Status: QUESTION 1 Suppose a competitive firm faces short-run TR, TFC and TVC at different levels of market prices and outputs, as shown in the table below: Price Output TR TFC TVC 6 18 108 162 107 12 36 432 162 270 18 54 972 162 540 1. The firm's total profit at price=6 and output=18 is 2. The firm's total profit at price=12 and output=36 is For Blank 2 3. The firm's total profit at price=18 and output=54 is 4. If the market price is $6, the firm is best to produce units in the short run. (Hint: review the short run shut down condition) 5. If the market price is $6, the firm is best to produce units in the long run.( Hint: review the long run shut down condition)

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