2. The table, at right, shows the total variable costs faced by Jaques Stroopwafels" for different quantities of the highest quality stroopwafels sold. Jaques Stroopwafels"" sells Quantity Total Variable in a perfectly competitive market with a downward sloping demand curve and an Cost upward-sloping supply curve. The market price is $10 per stroopwafel, and the Jaques' 14 total fixed costs are $7. 2 16 3 19 a} Identify the profit-maximizing quantity for Jaques Stroopwafels". Explain. 4 24 b} Calculate the profit/loss at the profit-maximizing quantity that you identified in Part 5 31 6 39 7 48 c} Based on your answer to Part b), is Jaques Stroopwafels" currently operating in 8 59 short-run or long-run? 9 72 10 87 d} Based on your answer to Part b), will the number of firms in the industry increase, decrease or stay the same in the long run? Explain. e} Based on your answer to Part b), will the market price increase, decrease or stay the same in the long-run? Explain. f) The cross-price elasticity of demand for Jamba Juice smoothies, with respect to the price of Jaques Stroopwafels is -1.1 while the income elasticity of demand for Jaques Stroopwafels is 0.7. Based on your answer to Part e), what will happen to the market demand for Jamba Juice smoothies? Explain