Question 28 (4 points} Average Total Total Product Average Fixed Cost Average Variable Cost Cost Marginal Cost 1_:w 2_m_: 15 3 13 _ 51-? 12 sm-mi 13 6E_ 14 ? 26 s so _ 35 1_ 41 1_ 415 12 12.50 26.67 39.1 56.5 The accompanying table gives cost data for a firm that is selling in a purely competitive market. lfthe market price for the firm's product is $28, the competitive firm will ) LJ a produce 4 units at a loss of $17.40. C' b produce 7' units at a loss of $63.77. 0 c shutdown in the short run. 0 d produce 12 units at a profit of $16.00 Question 29 (4 points} Dollars o h k n Output In the above diagram, at the profitmaximizmg output, total prot is represented by the area bounded by letters 0 a Ofbn. O b egoc. O c efbc. 0 d fgob