How to do question 9?

D PDE Assignment (783).pdf X *(Asia-Pacific) Joshua Gans, X PDE *Shirley Carlon_ Rosina McA X d Accounting Templates | Dou X DD Assignment (783).pdf X PRE RuvindiJayawardana (1).pdf x + X C File | C:/Users/asus/Downloads/(Asia-Pacific)%20Joshua%20Gans,%20Stephen%20King,%20Martin%20Byford,%20N%20Gregory%20Mankiw%20-%20Principles%20of... Not syncing 321 of 535 Q + 2 | Page view | A" Read aloud | (T) Add text | Draw v Highlight Erase | will happen in the long run to the price of fertiliser, marginal cost, average total cost, the quantity supplied by each firm and the total quantity supplied to the market. 9 The market for pies is competitive and has the following demand schedule: Price $1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 demanded pies Each producer in the market has fixed costs of $9 and the following marginal cost: Quantity 1 pie W N 4 5 6 Marginal cost $2 4 6 8 10 12 a Compute each producer's total cost and average total cost for 1 to 6 pies. b The price of a pie is now $11. How many pies are sold? How many pies does each producer make? How many producers are there? How much profit does each producer earn? c Is the situation described in part (b) a long-run equilibrium? Why or why not? d Suppose that in the long run there is free entry and exit. How much profit does each producer earn in the long-run equilibrium? What is the market price? How many pies does each producer make? How many pies are sold in the market? How many pie producers are operating? Type here to search W X P 0 0 7ENG 1:47 AM 10/3/2022