2. Consider the following cost data for a perfectly competitive firm: TC MC ATC AVC $30 $40 $10 $40 $10 $55 $15 $27.5 $12.5 AwAWN-OR $75 $20 $25 $15 $100 $25 $25 $17.5 $140 $40 $28 $22 $200 $60 $33.33 $28.33 a) What are the fixed costs for the firm? How do you know this? b) For the following market prices, find the equilibrium quantity and profits. Be sure toexplain how you arrived at your answers. i) $40 ii) $25 ili) $15 iv) $10 c) What price is a long run equilibrium price for this industry? How do you know this? Using a supply & demand diagram for the industry, and a cost curve for the firm, illustrate the long run equilibrium