2.Assume the following cost data are for a purely competitive producer: See cost table below: Total Average Average Average Product Fixed Cost Variable Cost Total Cost Cost 0 | $60.00 $45.00 $105.00 5:; 2 30.00 42.50 7250 3 3 20.00 40.00 60.00 4 15.00 37.50 52.50 " 5 12.00 37.00 49.00 - 6 10.00 37.50 47.50 - 7 857 38.57 47.14 - 8 7.50 4063 48.13 Sz 9 6.67 4333 50.00 10 6.00 46.50 52.50 - a. At a product price of $66, will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm realize per unit of output. b. Answer the questions of 2a assuming product price is $46. Explain in detail. c. Answer the questions of 2a assuming product price is $38. Explain in detail. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3)