4. Assume that the cost data in the following table are for a purely competitive producer: LO 10.5 Total Average Average Average Product Fixed Cost Variable Cost Total Cost Marginal Cost 0 1 2 3 4 5 6 7 8 9 10 $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45 40 35 30 35 40 45 55 65 75 a. At a product price of $56, 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 4a assuming product price is $41. c. Answer the questions of 4a assuming product price is $32. 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). (2) (4) Quantity (3) Quantity Supplied Profit (+) Supplied Price Single Firm or Loss (-) 1,500 Firms $26 32 38 41 46 56 66 c. Now assume that there are 1,500 identical firms in this competitive industry, that is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4). f. Suppose the market demand data for the product are as follows: Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000 What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run