6. The government of the Republic of Self-Reliance has decided to limit imports of machine tools in order to encourage development of locally made machine tools. To do so, the government offers to sell a small number of machine-tool import licenses. To operate a machine-tool import business costs $30,000, excluding the cost of the import license. An importer of machine tools can expect to earn $50,000 per year. If the annual interest rate is 10 percent, for how much will the government be able to auction the import licenses? Will the owner of a license earn an economic profit? LO4