please fill in the table with the information in the reading. Please see question 2 as it has information

2 of 3 ECO 2023 ASSIGNMENT #4 [Cast of Production) Dr. Vincent Jackson TABLE 1 UNITS OF LABOR (Q1 TOTAL PRODUCT (TP] MARGINAL PRODUCT IMP) AVERAGE PRODUCT (AP) 15 N 3 51 A 65 5 74 80 83 TABLE 2 TP(Q) TFC TVC TC AFC AVC ATC M 0 560 $60 $45.00 $45.00 $105 30 42.50 72.50 W N N 60.00 $2.50 49.00 47.50 47.14 48.13 50.00 52.50 COMPLETE TABLES 1 and 2 ABOVE 2. ASSUME THE COST DATA IN Table #2 is for a purely Competitive Producer. a. At a product price of $56 will this firm produce in the short run? What will be the Profit- maximizing or loss minimizing output? What economic profits or losses will the firm realize? b. Answer the question above 2a assuming a product price of $41? Answer the question above 2a assuming a product price of $327 PRICE QUANTITY SUPPLIED PROFITS (+) Losses (-] Quantity supplied Single Firm 1,500 Firms $26 32 38 1 1 1 1 46 56 3. Now assume there are 1,500 identical firms in this competitive industry. Assume the cost data in omplete the table above 4, Suppose the market demand data for the product are as follows: Price Quantity Demanded $26 17,000 15,000 13,500 12,000 10,500 9.500 8,000 What will be the ecall brium Price and Gravity for the industry? Show graphically