Please show all work. Thank you! Question 2 (total product is Q of production)TotalproductTFCAFCTVCAVCTCMC$.$.1$_$1221210360456a. Fill out the table (already done in the last homework. Copy from answer sheet)b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $16.What is the equilibrium quantity at that price.c. How much is the Profit/or Loss/or breakeven pointd. What is the Marginal Revenue for this questione. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the totalrevenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to thisquestion.%24

Disclaimer: Since you have posted a question with multiple sub-parts, we will provide the solution only to the first three sub-parts as per our Q&A guidelines. Please repost the remaining sub-parts separately. A perfectly competitive market refers to the setup between buyers and sellers where there is a large number of sellers selling homogenous products to a large number of buyers. Solution of table a. All the missing values are filled in the table below: The following formulas are used: TFC=AFC×Q TVC=AVC×QTVC=TC-TFC MCn=TVCn-TVCn-1Solution b: A competitive firm achieves equilibrium where P=MC If P=$16, therefore, the firm will achieve equilibrium at three levels of output because at this point P=MC. Therefore, the equilibrium quantity at this price will be 3 units.Solution c. At the price of $16, the total cost is $60. Total Revenue =Price×Quantity Sold At, the price of $16, the firm will sell 3 units, therefore, Total Revenue=$16×3=$48 Since total revenue is less than the total cost, the firm will have to bear a loss. Profit/Loss =Total Revenue-Total Cost=$48-$60=$12 Therefore, the firm has to bear a loss of $12.