Question: QUESTION 7 2. The table shows the market demand for afternoon picnic lunches for visitors who take all-day canoeing trips on Lake Campbell. William's firm

QUESTION 7 2. The table shows the market demand for afternoon picnic lunches for visitors who take all-day canoeing trips on Lake Campbell. William's firm provides lunches to visitors at a constant marginal cost and a constant average cost of $4. (Questions marked 7-10 on Blackboard are based on this set-up) Price Quantity Demanded $10 0 9 10 8 20 7 30 6 40 5 50 4 60 a. If William's firm is one of many firms in a competitive market, what price will he charge for a lunch in the long run? (Ignore the dollar sign) QUESTION 8 2 b. [fWilliam's firm is one of many firms in a competitive market, what will his profits be in the long run? (Ignore the dollar sign) QUESTION 9 2 c. i William's firm has a monopoly in the market, what price will he charge for a lunch in the long run? (Ignore the dollar sign) QUESTION 10 2 d. IfWilliam's firm has a monopoly in the market, what will be the profits in the long run? (Ignore the dollar sign)

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