2.Assume the following cost data are for a purely competitive producer: See cost table below: Total Average Average A Product Fixed Cost Variable Cost TotalCost Cost 0 | $60.00 $45.00 $105.00 ':; 2 30,00 42,50 7250 3 20.00 40.00 60.00 3 4 15.00 37.50 5250 - S 1200 37.00 49.00 53 6 10,00 37.50 47.50 - 7 857 38.57 47.14 8 7.50 40.63 48.13 :: 9 667 0 50.00 10 6,00 46.50 5250 i 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)