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_. 'f'fe-'Problem 2: The following graph shows the MC. AVC. and ATC curves of e rmer'in e perfectly competitive market where there are currently 100 identical fannere. 1110M! xed cost of every farmer in the market is $300. 12 17 20 22 25 Use the information provided to complete the following tasks/answer the questions. Task 2.1: For each of the following market prices indicate whether the farmer will shut down operations or produce, indicate the quantity of output that will be supplied by the ' farmer (remember that if they shut down then they supply 0!), and indicate whether the farmer will end up incurring a loss or earning a positive economic prot. a) Market price is P,=5 b) Market price is P3=18 c) Market price is P5=40 Question 2.2: If the farmer produces an output level of 22. what will be their total cost? What will be their total variable cost? (You don't need to know the height of AVG) Question 2.3: If market price is P2=10, what will be the farmer's economic prot I loss? (You don't need to know the height of ATC) Task 2.3: For each of the hypothetical market prices P], P' and P5 indicate what the total market supply will be. Then, suppose the market demand curve is QD=BBOO~20 P. Which of those three market prices will be the equilibrium market price in the short run? - ......htmma,_,.,.a..; . . . ., .y . Which of those three market prices will be the equilibrium market price in the long run