Total Product Average Fixed Cost Average Variable Cost Assume that the cost data in the following table are for a purely competitive producer: Marginal Cost Average Total Cost 0 1 $ 60.00 $ 45.00 $ 105.00 $ 45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 B 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable and enter a value of "O" for output if the firm does not produce. a. At a product price of $56.00 (1) Will this firm produce in the short run? [(Click to select) (i) if it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) output-units per firm (ii) What economic profit or loss will the firm realize per unit of output? (Click to select) per unit-5 b. At a product price of $41.00 () Will this firm produce in the short run? (Click to select) (0) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?