A small manufacturer's cost function for producing water pumps that can be used in a wide range of appliances is TC(Q) = 1,800 + 90.50 - 2.5 0' + 0.025 (3. 1. The figure below shows the manufacturer's average variable cost (AIC), average total cost (AC), and marginal cost (MC) for this cost function. Illustrate the manufacturer's short-run supply on this figure carefully denoting the lowest price at which the manufacturer will choose to produce and the minimum quantity it will choose to produce when it chooses to produce. (15 Points) 200 MC 150 AC / 100 AVC 50 25 50 75 100 2 At a price of P=39.2, it is optimal for the manufacturer in 1. to produce Q = 54. For such a price to persist in the long-min, would manufacturers need to enter or leave this industry? Justify your answer. (15 Points)