Please use the table on the right to answer the questions on the left

wooZ trace format (3 calc 14 table 15 ydelB TI-84 Plus CE (2 points) What is the economic profit of the typical firm in the short run equilibrium? Explain and show your calculations. Plant Size 1 (Small): Q TFC TVC TC AFC AVC ATC MC 0 $293.15 $0.00 $293.15 X X 10 $293.15 $24.43 $317.58 $29.31 $2 $31.76 $2.39 20 $293.15 $48.86 $342.01 $14.66 $2.44 $17.15 $2.44 30 $293.15 $219.86 $513.01 $9.77 $7.33 $17.10 $17 10 40 $293.15 $684.01 $977.16 $7.33 $17.10 $24.43 $46.42 The remaining questions deal with the long run equilibrium in the gadget industry. 50 $293.15 $1,587.89 $1,881.03 $5.86 $31.76 $37.62 $90.39 60 $293.15 $3,078.05 $3,371 20 $4.89 $51.30 $56.19 $149.02 70 $293.15 $5,301.09 $5,594.24 $4.19 $75.73 $79.92 $222.30 (2 points) Using the data on the last page of your exam, derive the typical firm's long run average cost 80 $293.15 $8,403.58 $8,696.72 $3.66 $105.04 $108.71 $310.25 sml Game (LRAC) curve. Explain. 90 $293.15 $12,532 08 $12,825.23 $3.26 $139.25 $142.50 $412.85 100 $293.15 $17,833.17 $18,126.32 $2.93 $178.33 $181.26 $530.11 Long Run Average Cost 110 $293.15 $24,453.43 $24,746.58 $2.66 $222.30 $224.97 $662.03 were 10 20 Plant Size 2 (Medium): smoker 30 Q TFC TVC TC AFC AVC ATC MC eliminate 40 0 $450.00 $0.00 $450.00 50 10 $450.00 $142.50 $592.50 $45.00 $14.25 $59.25 $14.25 60 20 $450.00 $195.00 $645.00 $22.50 $9.75 $32.25 $5.25 marginal 70 30 $450.00 $202 50 $652.50 $15.00 $6.75 $21.75 $0.75 40 $450.00 $210.00 $11.25 involves $5.30 $16.50 $0.75 80 $660.00 90 50 $450.00 $262.50 $712.50 $9.00 $5.25 $14 30 $5.25 60 $450.00 $405.00 100 $855.00 $7.50 $6.75 $14 25 $14.25 to no ac 110 70 $450.00 $682.50 $1,132.50 $6.43 $9.75 $16.18 $27.75 80 $450.00 $1,140.00 $1,590.00 $5.63 $14.25 $19.88 $45.75 the cigaret 90 $450.00 $1,822.50 $2,272.50 $5.00 $20.25 $25.25 $68.25 becule mo 100 $450.00 $2,775.00 $3,225.00 $450 $27.75 $32.25 $95.25 (2 points) Over the range of output from 70 to 110 units, does the typical firm experience increasing 110 $450.00 $4,042.50 $4,492.50 $4.09 $36.75 $40.84 $126.75 these firms returns to scale, decreasing returns to scale, or constant returns to scale? Plant Size 3 (Large): cost, e gar Q TFC TVC TC AFC AVC (2 points) What is the minimum efficient scale of production for the typical firm? Explain. 0 $1,425.60 MC $0.00 ATC of the Publi $1,425.60 10 $1,425.60 $685.80 $2,111.40 $29.31 $68.58 $211.14 $68.58 20 $1,425.60 $1,177.20 $2,602.80 $14.66 $58.86 $130.14 $49.14 30 $1,425.60 $1,506.60 $2,932.20 $9.77 $50.22 $97.74 $32.94 40 $1,425.60 $1,706.40 $3,132.00 $7.33 $42.66 $78.30 $19.98 (2 points) What will the price of a gadget be in the long run? Explain. 50 $1,425.60 $1,809.00 $3,234.60 $5.86 $36.18 $ $64.69 $10.26 60 $1,425.60 $1,846.80 $3,272.40 $4.89 $30.78 $54.54 $3.78 70 $1,425.60 $1,852.20 $3,277.80 $4.19 $26.46 $46.83 $0 54 80 $1,425.60 $1,857.60 $3,283.20 $3.66 $23.22 $41.04 $0.54 (2 points) How many firms will exist in the gadget industry in the long run? 90 $1,425.60 $1,895.40 $3,321.00 $3.26 $21.06 $36.90 100 $1,425.60 $1,998.00 $3,423.60 $2.93 $20.03 $34.24 $10.26 $3.78 110 $1,425.60 $2,197.80 $3,623.40 $2.66 $19.98 $32.99 $19.98 onderful summer, and best wishes for your future academic and