Assume that the following cost data are for a purely competitive producer: Total Product Average Fixed Average Average Total Cost Variable Cost Cost Marginal Cost 0 na 0.00 $ 0.00 na 60.00 45.00 $ 105.00 45.00 2 30.00 42.50 72.50 40.00 20.00 40.00 60.00 35.00 15.00 37.50 52.50 30.00 5 12.00 $ 37.00 49.00 35.00 10.00 37.50 47.50 40.00 8.57 38.57 47.14 45.00 8 7.50 $ 40.63 $ 48.13 55.00 CO 6.67 43.33 50.00 65.00 10 6.00 $ 46.50 $ 52.50 75.00Instructions: 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 "0" 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 $67.00 $42.00 $33.00 Will this firm produce in the short run? (Click to select) v (Click to select) v (Click to select) v If it is preferable to produce, what will be the (Click to select) v (Click to select) v (Click to select) v profit-maximizing or loss-minimizing output? output = units output = units output = units per firm per firm per firm What economic profit or loss will the firm realize (Click to select) v (Click to select) v (Click to select) v 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). Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Price Quantity Supplied, Single Firm Profit (+) or Loss (-) Quantity Supplied, 1,500 Firms $23.00 28.00 33.00 39.00 44.00 48.00 58.00e. 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 Tw $23 . on 1 9000 23.00 1mm 33.00 15000 39.00 13500 44.00 12000 43.00 10500 53.00 9500 What will be the equilibrium price? $ |:|. What will be the equilibrium output for the industry? |:|. For each rm? units. Instructions: Round your answers to 2 decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? {Click to select} v per unit = 5 |:|. Per firm? 5 . Will this industry expand or contract in the long run? {Clickto select) v