Short Run Economics

At a product price of $56, will this firm produce in the short run? Why or why not? If it is preferable to produce, what will be the profit-maximizing or loss minimizing output? Explain. What economic profit or loss will the firm realize per unit of output?

Total           Average              Average              Average               Marginal
Product       Fixed Cost           Variable Cost        Total Cost              Cost
    0
    1             $60.00                $45.00                  $105.00                 $45
    2               30.00                 42.50                     72.50                    40
    3               20.00                 40.00                     60.00                    35
    4               15.00                 37.50                     52.50                    30
    5               12.00                 37.00                     49.00                    35
    6               10.00                 37.50                     47.50                    40
    7                8.57                  38.57                     47.14                    45
    8                7.50                  40.63                     48.13                    55
    9                6.67                  43.33                     50.00                    65
   10               6.00                  46.50                     52.50                    75