The diagram below applies to a perfectly competitive rm. 0 27 354050606568 85 Quantlty (units) a. According to the diagram, what is the current marketeclearing price facing this producer, and how many units are being produced at this price? (1 point) Please provide the reasoning for your answer. (1 point) b. At the indicated marketclearing price, what are the economic prots or losses of the firm (calculate the value)? How do you know? (3 points) c. Suppose the marketclearing price falls to $28. What are the economic prots or losses of the firm (calculate the value)? Should the rm continue to produce in the short run to maximize profits (or minimize losses)? Explain. (3 points) (1. Suppose the marketclearing price falls to $12. Should the firm continue to produce in the short run to maximize profits (or minimize losses)? Explain. (2 points)