Question 11 (4 points) The table below shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Quantity Total Cost Variable Cost (dollars) (dollars) 0 $1,000 $0 100 1,360 360 200 1,560 560 300 1,960 960 400 2,760 1,760 500 4,000 3,000 600 5,800 4,800 If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss? $0 (it breaks even) loss of $440 profit of $440 loss of $1,000Question 12 (4 points) Bill's Bakery has a fire and Bill loses some of his cost data. The bits of paper that he recovers after the fire provide the information in the following table (all the cost numbers are dollars). TP AFC AVC ATC MC 10 120 100 220 80 20 4 B 150 90 30 40 90 130 130 40 30 C D E 50 24 108 132 Bill asks you to come to his rescue and provide the missing data in the five spaces identified as A, B, C, D, and E. $90, $70, $110, $120, and $150. $80, $160, $40, $90, and $120. $60, $90, $100, $130, and $140. $20, $50, $200, $60, and $130.Question 13 (4 points) The table below shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Quantity Total Cost Variable Cost (dollars) (dollars) 0 $1,000 $0 100 1,360 360 200 1,560 560 300 1,960 960 400 2,760 1,760 500 4,000 3,000 600 5,800 4,800 Suppose the fixed cost of production rises by $500 and the price per unit is still $8. What happens to the firm's profit-maximizing output level? It must rise to offset the increased cost. It must fall. The firm will shut down. It will remain the same