3. Lisa wants to open an ice cream shop in the village. Her total cost as a function of the number of ice cream cones she produces per day is given in the table. Demand for ice cream cones is perfectly elastic at a price of $5 per unit. # of ice Total cost Fixed cost Variable cost Total Prot cream cones revenue 3) Fill in the missing numbers in the table. b) How many ice cream cones per day should Lisa sell? c) Lisa's landlord increases the rental cost of the shop by $10 per month. What happens to Lisa's profit-maximizing level of output? d) To make matters worse, after the increase in the rent by $10, the market price of an ice cream cone drops to $3. Will Lisa keep her shop open in the short run? And in the long run? Explain 4. Adding curves Alan, Barbara, and Charlie have the following individual demand curves for ball bearings. Alan: Q = 30 P Barbara: (1: 20 P Charlie: Q = 5/2 1/2 P 3) Write out the expression that represents the market demand curve and plot it on a graph. b) The market supply is given by Q = 3P. Calculate the market equilibrium and plot it on the graph. c] Calculate consumer surplus and producer surplus