3. (9) Read the following article then use it to answer the questions that follow: https:/ews.crunchbase.comews/therevenuecostsandmarginsbehindbirdsscooters/ a. (3) Bird has lost tens of millions of dollars and has never turned a prot since it entered the scooter rental service market. How and why does Bird continue to operate if it has yet to generate a prot? b. (3) There are typically 3-4 scooter rental companies operating in the same city. Would you predict demand for one specic scooter company, say Bird, is elastic or inelastic? Explain. c. (3) What type of industry would you categorize the scooter rental market? What characteristics are like a competitive industry? What characteristics are unlike a competitive industry? 4. (9) Use following site, which shows the market prices of soybeans: httgs:[[bit.ly[36LTH|W to answer the following questions. a. (3) What was the average closing price of soybeans in 2019 and the average closing price of soybeans in 2022? b. (6) The breakeven prices which is the price needed to cover all operating and xed costs associated with owning a soybean farm (including implicit costs), is estimated to equal approximately $10/bushel. Given the most recent price, what can we predict will happen in the long run to the market supply or demand of soybeans, the market price of soybeans, and the economic prots of soybean farmers? Briey explain