4. Assume that the cost data in the following table are for a purely competitive producer: L010.5 Total Average Average Average Product Fixed Cost Variable Cost Total Cost Marginal Cost 0 1 2 3 4 5 6 7 8 9 10 5 $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