1. Price taker firm production -- Below is the hourly production schedule for a small toy factory (assume this factory is a price taker in a perfectly competitive market). All questions related to this schedule. [16 Points Total] a) Fill in the missing information, i.e. the fixed costs (FC), variable cost (VC), and marginal cost (MC) given the total cost (TC). All information is daily values. Output is the number of toys. [4 Points] Output TC 0 $100 5 $120 10 $150 15 $190 20 $240 25 $300 30 $370 35 $450 40 $540 45 $640 b) What is the optimal level of daily output for the firm if the market price for this type of toy is $16. [2 Points] c) How much profit will the firm earn daily at a price of $16? [2 Points]d) If the price of this toy falls to $6, what is the optimal level of production and what will the prots be? [2 Points] e) Why will the rm choose to stay in business when the price falls to $6 [2 Points] f) What is the lowest price that this rm would stay in business in the long run? What are the prots at this price level? [2 Points] g) What is the average total cost at the break-even point in (f)? [2 Points]