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Question 2 (total product is Q of production) TFC is total fixed cost. TVC is total variable cost. TC is total cost. AFC is average fixed cost. AVC is average variable cost. ATC is average total cost. MC is marginal cost. Total product is quantity of production. Total product TFC AFC TVC AVC TC MC S S S $12 2 12 10 60 56 a. Fill out the table b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $16. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this