Need help with these economics questions

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Economics
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Question description

1.  Consider the following table when answer the questions below. Q TC AFC AVC ATC MC 0 100 - - - - 1 150 100.00 50.00 150.00 50 2 175 50.00 37.50 87.50 25 3 190 33.33 30.00 63.33 15 4 210 25.00 27.50 52.50 20 5 240 20.00 28.00 48.00 30 6 280 16.67 30.00 46.67 40 7 330 14.29 32.86 47.14 50 8 390 12.50 36.25 48.75 60 a.  Suppose the market price is equal to P=$40. How many units should the firm produce and what will its profit be?   b.  Suppose the market price drops to P=$20. Should the firm shut down? Explain your answer by discussing the firm’s profits or losses.

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