Short Run Production

At a product price of $32 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