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Assume that the following cost data are for a perfectly competitive producer: Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. 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. Will this firm produce in the short run? If it is preferabl e to produce, what will be the profitmaximizin g or lossminimizin g output? What economic profit or loss will the firm realize per unit of output? (a) At a product price of $68.00 (b) At a product price of $43.00 (c) At a product $34.00 output = units per firm output = units per firm output = per fir 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: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. e. 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: What will be the equilibrium price? $ . What will be the equilibrium output for the industry? For each firm? . units. Instructions: Round your answers to 2 decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? Per firm? $ per unit = $ . . Will this industry expand or contract in the long run? This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next Visit question map Question 43 of 43 Total43