Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output per day Total cost 0 $10.00 1 $20.50 2 $24.50 3 $28.00 4 $34.00 5 $43.00 6 $55.50 7 $72.00 8 $93.00 9 $119.00 a. Calculate fixed cost, variable cost, ATC, AFC, AVC, and MC. b. Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of orange? c. Will Andy make a profit or loss? Calculate his profit/loss. d. Show the solution in a graph, clearly labelling Andy's MC, ATC, AVC, and quantity sold by Andy. Explain how to graph it. e. Suppose equilibrium price for oranges in the market falls to $6.00. How many oranges will be sold by Andy? Is he making a profit or a loss at this level of production