Price (P) Situation 1 Situation 2 Situation 3 $10 $10 $10 Quantity (Q) 1000 1000 1000 Variable cost (VC) $5,000 $5,000 $11,000 Fixed cost(FC) Marginal cost of 1,000th $5,000 $6,000 $5,000 unit $10 $10 $10 The table above shows firm level data for three situations. For each of the three situations, explain whether the firm will shut down or produce in the short run. (8)

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