c) Suppose the market quantity is 40,000 units. Make sure to calculate the relevant values to describe the effect of the market activity on consumer welfare, producer welfare, and economic efficiency. (20 marks) d) Suppose the firm's average total cost(ATC) at the quantity it produces as indicated in part (a) is $2. Use your knowledge of the perfect competition to calculate the profit/loss of the firm. (10 marks)Table I below illustrates the competitive market demand and supply of bread. The units of bread are given in thousands. Table 1 : Market for Bread Price Quantity Quantity demanded(in (00s) supplied(in 000s) 120 0 100 20 80 40 60 60 40 80 20 100 7 0 120 Suppose they are 100 identical firms in the bread market