5 BUS1BUX_Ass X 3 BUS1BUX_Ass X + In BUS1BUX_202 x VitalSource Bo X & BUSIBUX_Ass x Q MACRO FINAL X G GDP of somev x Homework He x Screen Shot 2 X C @ File | /Users/taylahbowler/Downloads/BUS1BUX_Ass1C_v02.pdf Q U x OREVA OA BUS1BUX Ass1C_v02.pdf 4 / 5 90% + The market for smoothies is perfectly competitive with 150 firms. The following sets out the cost schedule for one firm. Perfectly Competitive Market - Soothie MC 6 on - ATC Cost / Price ($) AVC $3.05 P = AR = MR 2 0 30 40 50 60 70 80 90 Output Each of the 150 firms has the costs given in the following table: Output |MC AVC ATC 30 $2.25 $4.00 $7.33 40 2.2 3.53 6.03 50 1.9 3.24 5.24 60 2.00 3.10 4.67 70 3.05 3.05 4.34 80 4.25 3.10 4.25 90 8.00 3.33 4.44 a. What is the market price. market quantity as well as quantity produced for each firm of a smoothie? b. What is the economic profit made or economic loss incurred by each firm? c. In Parts (a) and (b), do firms enter or exit the market in the long run? What is likely to happen to the market price and the equilibrium quantity in the long run