Assume that the following cost data are for a purely competitive producer: ( please give me step by step answer and explanations for the calculation)

TP AFC AVC ATC MC

0 Na $0.00 $0.00 Na

1 $60.00 $45.00 $105.00 $45.00

2 $30.00 $42.50 $72.50 $40.00

3 $20.00 $40.00 $60.00 $35.00

4 $15.00 $37.50 $52.50 $30.00

5 $12.00 $37.00 $49.00 $35.00

6 $10.00 $37.50 $47.50 $40.00

7 $8.57 $38.57 $47.14 $45.00

8 $7.50 $40.63 $48.13 $55.00

9 $6.67 $43.33 $50.00 $65.00

10 $6.00 $46.50 $52.50 $75.00

A.)Will this firm produce in the long run: ( need calculation step)

a. At a product price of $57.00?

b. At a product price of $42.00?

c. At a product price of $33.00?

B.) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? 9( need calculation step)

a. At a product price of $57.00?

b. At a product price of $42.00?

c. At a product price of $33.00?

C) What economic profit or loss will the firm realize per unit of output: ( need calculation step)

a. At a product price of $57.00?

b. At a product price of $42..00?

c. At a product price of $33.00?

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). FIND for 2,3,4 column. ( show calculation)

(1) ( 2) (3) (4)

Price Single Firm P (+) or L(-) 1,500 Firms

$27.00

33.00

39.00

42.00

47.00

57.00

67.00

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). ( show calculation)

F)Suppose the market demand data for the product are as follows:

Price Total Quantity Demanded

$27.00 17000

33.00 15000

39.00 13500

42.00 12000

47.00 10500

57.00 9500

67.00 8000

1.What will be the equilibrium price?

2.What will be the equilibrium output for the industry?

For each firm?

3.What will profit or loss be per unit?

Per firm?

4.Will this industry expand or contract in the long run?