Suppose that each firm in a competitive industry has the following costs:Total Cost: TC=50+12q2TC=50+12q2Marginal Cost: MC=qMC=qwhere q is an individual firm's quantity produced. The market demand curve for this product is:Demand QD=140?2PQD=140?2Pwhere P is the price and Q is the total quantity of the good. Each firm's fixed cost is $ ??? .What is each firm's variable cost?50+1/2q1/2q2q1/2qWhich of the following represents the equation for each firm's average total cost???50 + 1/2q50/q50q + 1/2q1/2qComplete the following table by computing the marginal cost and average total cost for qq from 5 to 15.q (UNITS) MARGINAL COST (DOLLARS) AVERAGE TOTAL COST(DOLLARS)5 ??? 15/10/12.50/2.506 ??? 8.33/11.33/10/37 ??? 10.64/7.14/10/3.508 ??? 6.25/10.25/4/109 ??? 5.56/10.06/4.50/1110 ??? 4/10/5/911 ??? 4.55/10.05/5.50/9.5512 ??? 11.26/4.17/10.17/613 ??? 6.50/10.35/3.85/11.3314 ??? 10.57/3.57/11.33/715 ??? 7.50/10.83/3.33/12.50The average total cost is at its minimum when the quantity each firm produces (q) equals ???.Which of the following represents the equation for each firm's supply curve in the short run? 1/2q250-q120-1/2q2qIn the long run, the firm will remain in the market and produce if q <15/ q >10/ 55 .Currently, there are 8 firms in the market. In the short run, in which the number of firms is fixed, the equilibrium price is $??? and the total quantity produced in the market is ???units. Each firm produces ???units. (Hint: Total supply in the market equals the number of firms times the quantity supplied by each firm.)In this equilibrium, each firm makes a profit of $???. (Note: Enter a negative number if the firm is incurring a loss.)Firms have an incentive to ENTER OR EXIT the market. In the long run, with free entry and exit, the equilibrium price is $??? and the total quantity produced in the market is ??? units. There are ???firms in the market, with each firm producing ??? units.