Suppose that a perfectly competitive firm faces a market price of $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1,500 units. If the firm produces 1,500 units, its average variable costs equal $5.50 per unit, and its average fixed costs equal 50 cents per unit. What is the firm's profit-maximizing (or loss-minimizing) output level? What is the amount of its economic profits (or losses) at this output level?