Question: Please help answer the question. Q1/ The market for apijle pies in this city is perfectly competitive and has the following market demand schedule.

 Please help answer the question. \\ Q1/ The market for apijle

Please help answer the question.

pies in this city is perfectly competitive and has the following market

\\ Q1/ The market for apijle pies in this city is perfectly competitive and has the following market demand schedule. Each producer in the market has fixed costs of $9 and the following marginal cost schedule: Market Demand schedule Marginal cost schedule of each producer Price Quantity Quantity Marginal Cost | Demanded(pies (pie) a. Compute each producer's total cost and average total cost for 1 to 6 pies in a table. b. The market price of a pie is now $11. How many pies are sold in the market? How many pies does each producer make? How many producers are there? How much profit does each producer earn? Depict all answers in two relevant diagrams. 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 and number of pies each producer makes? How many pies are sold in the market? How many pie producers are operating in the market? Depict all answers in the above relevant (part b) diagrams

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