The table shows total cost and total revenue information for a perfectly (or purely) competitive firm. Quantity Total cost Total revenue 0 500 600 710 2 3 4 5 6 7 8 9 10 830 960 1100 12.50 1410 1580 1760 1950 2000 Firms carning a loss will sometimes shut down in the short run. What quantity will the firm produce if it shuts down in the short run? to 0 135 What will the profits be if this firm shuts down? 270 405 540 675 810 945 1080 1215 1350 Firms sometimes prefer to minimize losses by continuing to operate in the short run. What quantity will the firm produce to minimizes losses in the short run? If this firm chooses to operate, what will its profits equal? Enter a negative number for a loss. If the cost and revenue numbers in the table will continue forever (permanently), is it better for this firm O shut down immediately. continue to operate indefinitely. continue to operate in the short run, and exit the market in the long run. umits

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