Not yet answered Question 2 Marked out of 50.00 Consider the demand schedule for pizzas produced by a perfect competitor In Table 2. Assume that the price of pizzas is $12.50 P Fing question Table 2: Quantity Variable Total Average Average Marginal Marginal (units) Cost ($) Cost ($) Total Variable Cost ($) Revenue Cost ($) Cost ($) ($) O 10 20.50 2 14.50 3 18 4 34 5 33 6 45.50 7 62 8 93 g 119 a) Complete the above table. [12 marks] b) What is the fixed cost faced by the firm? [1 mark] c) Determine the profit-maximizing level of output for the firm and calculate its profit. What type of profit does the firm earn here? [3 marks] d) Based on your answer in (c), is the firm operating in the short run or long run? Why? [2 marks] MacBook Pro[3 marks) d) Based on your answer in (c), is the firm operating in the short run or long run? Why? (2 marks) e) When the firm decides to shut down temporarily (with zero output), what would be the price of pizzas? Explain the reason for such a decision [2 marks]