10 An industry currently has 100 firms, each of which has fixed cost of $16 and average variable cost as follows: Quantity 2 3 4 5 6 Average variable cost $1 2 3 4a Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b The equilibrium price is currently $10. How much does each rm produce? What is the total quantity supplied in the market? c In the long run, rms can enter and exit the market, and all entrants have the same costs as above. As this market makes the transition to its long-run equilibrium, will the price rise or fall? Will the quantity demanded rise or fall? Will the quantity supplied by each rm rise or fall? Explain your answers. d Graph the long-run supply curve for this market, with specific numbers on the axes as relevant