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Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 $45 | $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50

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Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 $45 | $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48.13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50 a. At a product price of $66, will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm realize per unit of output. b. Answer the questions of 2a assuming the product price is $46. Explain in detail. c. Answer the questions of 2a assuming the product price is $38. Explain in detail.

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