For question (b). Answer questions in part (a) assuming product price is $41For question (c). Answer the questions in part (a) assuming product price is $32. NB - I'm sending the second part of the question right away. Thanks

Assume the following cost data are for a purely competitive producer: Total Average Average Average Marginal Product Fixed cost Variable cost Total cost cost 0 1 $60.00 $45.00 $105.00 $45 2 30.00 42.50 72.50 40 3 20.00 40.00 60.00 35 4 15.00 37.50 52.50 30 5 12.00 37.00 49.00 35 6 10.00 37.50 47.50 40 7 8.57 38.57 47.14 45 S 7.50 40.63 48.13 55 9 6.67 43.33 50.00 65 10 6.00 46.50 52.50 75 a. At a product price of $56. will this rm produce in the short run? Why or why not? If it is preferable to produce, what will be the profitmaximizing or lossminimizing output? Explain. What economic profit or loss will the firm realize per unit of output? 6. Answer the relevant questions of 4 a assuming product price is $41 c. Answer the relevant questions of 4 a assuming product price is $32 d. In the table below, complete the shortrun supplyr schedule for the firm {columns 1 and 2 i and indicate the prot or loss incurred at each output (column 3}. (2} (4) (1) Quantity (3) Quantity . . Pft (+1 . Price Supplied, Supplied . . or Less [) _ Single Firm 1500 Firms $26 $ _ 32 38 41 _ 46 _ _ 56 66