Also, each producer in this market is maximizing profits.

a. (4 points) Compute (present answer with 2 decimals) all the costs for a typical producer in this market (e.g., for each level of quantity, compute ATC, AVC, MC, AFC).

b. The price of carrots is 11 $/kg. Find number of carrots sold by each producer, number of producers, profit of each producer (3 points). Show this situation for both short run and long run implications with graphs for the firm and the entire market (4 points).

c. (4 points) For the long situation in the long run: find number of carrots sold by each producer, market price, number of producers, profit of each producer.