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2) Consider the following graph which reflects the cost structure for a competitive firm: Price $30 Marginal cost 25 Average cost 20 15 10 Average variable -cost-_ _ UT O 10 20 30 36 40 50 60 Quantity Show Transcribed Text C a) If the price in the market is $7, how much will the firm produce? What will be the amount of profit or loss at this level? (Show your work.) b) If the price in the market is $5, approximately how much will the firm produce? Approximately what will be the amount of profit or loss at this level? (Show your work.) c) If the price in the market is $3, how much will the firm produce? d) What is the most efficient level of production (what quantity?) Explain. e) Given the cost structure, what will be the price in the market in the long run? Show Transcribed Text please sir do in documents format not handwriting please don't copy other answer sir do in 30 minutes will upvote