Output Marginal cost Average variable cost Average total cost (smoothies per hour) (dollars per additional smoothie) (dollars per smoothie) 2.50 4.00 7.33 4 2.20 3.53 6.03 1.90 3.24 5.24 2.00 3.00 4.67 2.91 2.91 4.34 8 4.25 3.00 4.25 9 8.00 3.33 4.44 a. Determine each producer's supply curve. b. Determine the market supply curve. C. What is the market price of a smoothie? What is the market's output? What is the output produced of each firm? d. What is the shut-down price? What is the break-even price? e. What is the economic profit made or economic loss incurred by each firm? Illustrate this on a diagram. f. Do firms have an incentive to enter or exit the smoothie market? If firms do enter or exit the market, explain how the economic profit or loss of the remaining smoothie producers will change. Illustrate this on a diagram. g. What is the long-run equilibrium market price and the quantity of smoothies produced? What is the number of firms in the market? Indicate the long-run equilibrium on a diagram.4. [15 marks] The market for smoothies is perfectly:r competitive and there are 113D firms that produce smoothies. The table sets out the market demand scheduie for smoothies. Price Quantity demanded [dollars per smoothie] {smoothies per hour) Each smoothie producer has the following costs when it uses its least-cost plant