Tulip growing is a perfectly competitive industry, and all tulip growers have the same cost curves. The market price of tulips is $15 a bunch, and each grower maximizes profit by producing 1,500 bunches a week. The average total cost of producing tulips is $21 a bunch. Minimum average variable cost is $12 a bunch, and the minimum average total cost is $18 a bunch.

1. What is a tulip grower’s economic profit in the short run and how does the number of tulip growers change in the long run?

2. In the long run, what is the price and the tulip grower’s economic profit?