I need the answers

1. With a new understanding of economic analysis, Corn Mart, wants your opinion on what to do. Currently, they are producing 7 bushels of corn per day. The corn market is very competitive in your city - therefore, it is perfect competition. The market price is $4. a. (10 points) Fill in the blanks. All numbers are daily measurements Outpu Variable Total t Fixed Cost AFC Cost AVC Cost ATC MC MR 1 10 1.20 X 3.00 W N 4.00 6.50 5 9.00 12.00 15.50 19.50 26.00 10 33.00 a. (2 points) Is producing 7 bushels of corn a good idea? Or, should they produce a different amount? If so, how many? b. (2 points) At the profit-maximizing point, how much accounting profit is being generated? 2. Now, you are tasked with providing advice to a firm with monopolistic power. Chart on the next page. a. (10 points) Fill in the blanks. b. (2 points) Based on your findings, what is the output that should be produced? Why? c. (2 points) Assuming this is a production schedule for a winter coat producer, what are some options that they have? What do you recommend? Don't just say, "They should give up."