Assume that the following cost data are for a perfectly competitive producer: uniF.\" m :_':_$_$ --5 _$ $ 1-5 5 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "O" for output if the firm does not produce. (a) (b) (c) At a product price of At a product price of At a product price of $66 . 00 $41.00 $32.00 Will this firm produce in the (Click to select) + (Click to select) (Click to select) short run? If it is preferable to produce, (Click to select) + (Click to select) (Click to select) what will be the profit- maximizing or loss-minimizing output = units output = units output = units output? per firm per firm per firm What economic profit or loss (Click to select) 4 (Click to select) (Click to select) will the firm realize per unit of output? per unit = $ per unit = $ = $ 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).e. 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 in the table above). f. Suppose the market demand data for the product are as follows: Price Total Quantity Demanded $22.00 19000 27.00 17000 32.00 15000 38.00 13500 43.00 12000 47.00 10500 57.00 9500What will be the equilibrium price? $ |:| . What will be the equilibrium output for the industry? |:| . For each firm? |:| units. Instructions: Round your answers to 2 decimal places. Enter positive values for prot or loss. What will prot or loss be per unit? per unit = $ |:| . Per firm? $ |:|. Will this industry expand or contract in the long run