Problem 1. Assume the following cost data are for a purely competitive producer: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost $45 $60.00 $45.00 $105.00 40 30.00 42.50 72.50 35 20.00 40.00 60.00 30 15.00 37.50 52.50 35 DO O NO UA W N-O 12.00 37.00 49.00 40 10.00 37.50 47.50 45 8.57 38.57 47.14 55 7.50 40.63 48.13 65 6.67 43.33 50.00 75 10 6.00 46.50 52.50 a. At a product price of $56, 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 la assuming product price is $41. c. Answer the questions of la assuming product price is $32. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3)