1. 2. I would like for FREAC to look into our production choices and give us its expert opinion as to whether we could improve our weekly profit (see the attached cost schedule). Make a supply schedule for my firm by filling out the table below (assume that only whole bicycles can be produced -- 9 or 10, not 9.374). What quantity of bicycles should we supply at a market price of $200, $250, $300, $500, $550, $600 if we want to maximize profit? Price $200 $250 $300 $350 $400 $450 $500 $550 $600 Firm Q. (per week) 0 0 S 9 10 11 11 11 12 Our market analysts believe that the demand for bicycles may fall in the near future. Currently, there are 100 firms in the industry that are identical to ours (which means each firm's supply decision is the same). We predict that, within our short run time frame, market demand will fall to the level indicated by the table below. Price $200 $250 $300 $350 $400 $450 $500 $550 $600 1800 1600 1400 1200 1000 800 600 400 200 Market Q (per week) Market Q. (per week) 0 0 800 900 1000 1100 11001 1100 1200 3. 4. What will the new equilibrium market price be if demand falls? Given that new price, how should we react to maximize profit in the short and long run? Discuss. Discuss the long run adjustment in the industry. That is, how will the number of firms, market supply, and profitability change as the industry moves toward a new equilibrium? Please type up a report for us in which you provide an analysis of our situation and discuss the answers to all our questions by the time of our meeting on December 3, 2023 Your payment (grade) will be determined not only by your correctness, but also by the quality of your writing.