2.Assume the following cost data are for a purely competitive producer. see table below: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost $60.00 $45.00 $105.00 $45 30:00 42.50 40 72.50 WN 20.00 35 40.00 60.00 15.00 30 37.50 52.50 1200 37.00 35 49.00 40 10.00 37.50 47.50 857 38 57 45 47.14 7.50 55 40.63 8.13 65 6.67 43.33 50.00 75 600 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 the product price is $46. Explain in detail. c. Answer the questions of 2a assuming the product price is $38. Explain in detail