800 A 720 SRATC 640 560 SRATC, 480 -0- 400 AVERAGE TOTAL COST (Dollars per scooter) SRATC3 320 O 240 LRATC 160 80 0 300 400 500 600 700 100 200 QUANTITY (Scooters)In the following table, indicate whether the longerun average cost curve exhibits economies of scale, constant returns to scale, or diseconomfes of scale for each range of scooter production. Range Economies of Scale Constant Returns to Scale Diseconomies of Scale Fewer than 300 scooters per month 0 O O More than 400 scooters per month O O 0 Between 300 and 400 scooters per month 0 O O Suppose Tim is the only seller in the market for bottled water and Nick is the only buyer. The following lists show the value Nick places on a bottle of water and the cost Tim incurs to produce each bottle of water: Nick's Value Tim's Costs Value of first bottle: $10 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $10 4 O $7 to $10 3 $3 to $7 2 2 $1 to $3 1 W $1 or less 0 4Use Tim's supply schedule and Nick's demand schedule to nd the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table. Price Quantity Supplied Quantity Demanded 2 |:| |:| 6 E E 9 |:| |:| A price of V brings supply and demand into eqUIlibrium. At the equilibrium price, consumer surplus is , producer surplus is , and total surplus is If Tim produced and Nick consumed one less bottle of water, total surplus would V Ifinstead, Tim produced and Nick consumed one additional bottle of water, total surplus would 1"