At a market price of $83 a batch, what quantity does Lin’s produce and what is the firm’s economic profit in the short run? Do firms enter or exit the market and what is Lin’s economic profit in the long run?

Use the following information to work Problems 8 to 10.

Quebec losing hold over maple syrup industry to U.s. competition The Federation of Quebec Maple Syrup Producers tries to limit production and stockpiles a “strategic reserve” to keep the price of syrup high. But Quebec producers are feeling increased competition from Vermont, New York, and Maine, where market share has increased and is expected to increase further in 2017 and 2018.

Source: The Globe and Mail, April 6, 2015