Show all the necessary steps and/or reasoning that lead to your answers. No credits will be given to answers without necessary steps and/or reasoning. 1. Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 $30 2 $50 $50 3 $50 $80 4 $50 $120 5 $50 $170 a. Fill in the blank columns b. What is the minimum price needed by the firm to break even