Solve all questions compulsory.. Assume that the cost data in the following table are for a purely competitive producer:AverageTotal Product Fixed CostCostAverage Variable Average TotalCostMarginal Cost01$ 60230$ 4542.5$ 105$ 4572.54032040603541537.552.53051237493561037.547.54078.5738.5747.144587.540.6348.135596.6743.33506510646.552.575b. At a product price of $41i. Will this firm produce in the short run? Yescesii. If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?Loss-minimizingoutput =units per firmiii. What economic profit or loss will the firm realize per unit of output? Lossc. At a product price of $32i. Will this firm produce in the short run? Noper unit = $i. If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?Not applicable output:=O units per firmiii. What economic profit or loss will the firm realize per unit of output? Total lossper unit = $

The short run is defined as the period in which at least one of the factors used is fixed and others…

Assume that the cost data in the following table are for a purely competitive producer: Average Total Product Fixed Cost Average Variable Average Total Cost Cost Marginal Cost 0 1 $ 60 $ 45 $ 105 $ 45 2 30 42.5 72.5 40 3 20 40 60 35 4 15 37.5 52.5 30 5 12 37 49 35 6 10 37.5 47.5 40 7 8.57 38.57 47.14 45 8 7.5 40.63 48.13 55 9 6.67 43.33 50 65 10 6 46.5 52.5 75 b. At a product price of $41 es i. Will this firm produce in the short run? Yes