5. (20 points total) Suppose that Bob produces electric bikes in a competitive market. For simplicity, assume that there are no fixed costs to produce e-bikes. Illustrate two graphs side by side. On left- hand side graph, present the firm. On the right-hand side graph, present the corresponding market. For the firm draw a smooth U-shaped average cost curve and a corresponding marginal cost curve. For the market, draw a demand curve and short-run supply curve that provides positive economic profit for the firm. Illustrate those positive profits on the firm's graph. Also, show the long-run supply curve that would result.

6. (40 points total) Suppose Bob is the sole producer of electric bikes and faces the following market demand: Q = 480 - 2p. Bob's cost function is given by C(Q) = Q² . What is the dead weight loss resulting from Bob being a monopoly in this market?