please explain and solve it step by step, thank you! **Cost Data for a Purely Competitive Producer**The following table presents the cost data for a purely competitive producer:| **Total Product** | **Average Fixed Cost** | **Average Variable Cost** | **Average Total Cost** | **Marginal Cost** ||-------------------|------------------------|---------------------------|------------------------|-------------------|| 0 | | | | $ 45 || 1 | $60.00 | $45.00 | $105.00 | $ 45 || 2 | $30.00 | $42.50 | $72.50 | $ 40 || 3 | $20.00 | $40.00 | $60.00 | $ 35 || 4 | $15.00 | $37.50 | $52.50 | $ 30 || 5 | $12.00 | $37.00 | $49.00 | $ 35 || 6 | $10.00 | $37.50 | $47.50 | $ 40 || 7 | $ 8.57 | $38.57 | $47.14 | $ 45 || 8 | $ 7.50 | $40.63 | $48.13 | $ 55 || 9 | $ 6.67 | $43.33 | $50.00 | $ 65 || 10 | $ 6.00 | $46.50 | $52.50 | $ 75 |### Explanation:- **Total Product**: The quantity of output produced.- **Average Fixed Cost (AFC)**: The fixed cost per unit of output. As production increases, AFC declines.- **Average Variable Cost (AVC)**: The variable cost per unit of output.- **Average Total Cost (ATC)**: The sum of AFC and AVC per unit of output.- **Marginal Cost (MC)**: The additional cost of producing one more unit of output. As production increases, AFC decreases due to the spreading of fixed costs over more units. AVC initially decreases, reaches a minimum, and then starts increasing due to ### Problem Scenario#### c. At a product price of $32:**(i) Will this firm produce in the short run?** - [Selection Box: Click to select]**(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?** - [Selection Box: Click to select] output = [Input Box] units per firm**(iii) What economic profit or loss will the firm realize per unit of output?** - [Selection Box: Click to select] per unit = $[Input Box]#### d. Short-Run Supply Schedule: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).### Instructions:Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (–) in front of those numbers.

A purely competitive producer operates in a market where many firms are selling identical products,…

C. At a product price of $32 (i) Will this firm produce in the short run? (Click to select) (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select) per unit = $ 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).

C. At a product price of $32 (i) Will this firm produce in the short run? (Click to select) (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select) per unit = $ 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).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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