d. At what point on Diagram 1 does efficiency occur? Why? e. Why is a Perfectly Competitive industry considered more socially efficient and desirable than the other forms of market competition? Question 2 50 points The Blue-Steel Corporation supplies armored truck manufacturers with high-grade sheet metal panels that are used on the exterior of the vehicles. To make the panels, Blue-Steel uses two machines, which cost $15,000 each, and workers. These workers are available on the labor market for a salary of $55,000 competitive. each. The market price for one of Blue-Steel's metal sheet panel is $250 and the market is highly Table 1 Machines Workers Total MP Labor. Wage per Output MRPLabor. worker 2 0 0 2 1 400 875 2 3 1,255 4 1,540 N 5 1,760 N 6 1,960 Based on the information provided, calculate the missing values for Table 1. What is the total fixed cost for Blue-Steel Corporation? Explain your calculation. What is the profit-maximizing number of workers Blue-Steel should hire? Explain your answer. d. What is the profit-maximizing output for Blue-Steel based on your calculations? Construct an X-Y Scatter chart using the Workers, Total Output, and MP-Labor column data. At what point does the diminishing returns effect set in