1. Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive market. Use this data to answer the following questions. Output Average Average Average Total Marginal Fixed Cost Variable Total Cost Cost Cost Cost 0 60 45 105 30 42.50 72.50 1 5 W N P 20 40 60 15 37.50 52.50 5 12 37.00 49 6 10 37.50 47.50 7 8.57 38.57 47.14 8 7.50 40.63 48.13 6.67 43.33 50 10 6.00 46.50 52.20 a. Fill in the Total Cost and Marginal Cost data above. b. If price is $56 then what level of output would maximize profit? What would profit be? C. If price is $41 then what level of output would maximize profit? What would profit be? d. If price is $32 then what level of output would maximize profit? What would profit be?e. Fill in the following information, and assume XYZ industries is the typical firm in the market: Price Quantity Profit or Loss Quantity Supplied (dollar supplied if amount) 1500 firms in the market 26 32 38 41 46 56 66