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Consider the perfectly competitive market for an \"experience\" good one whose quality cannot be determined until after purchase. This good can be high quality, (1 2 h, or low quality, q = I. Each of the price taking rms in this competitive industry have the following cost func- tions, depending on whether they produce high or low quality: the cost of producing low quality is CH, :5) = 7.5x+3:t2 +27, while the cost of producing high quality is C(h, 3:) = 15:54-33:2 +75, Where x is the rm's output. 1. (10pts) Determine the longrun competitive equilibrium perrm output, and the associated market price, for a situation in which only the high quality technology is available to the rms. 2. (10pts) Determine the longrun competitive equilibrium perrm output, and the associated market price, when only the low quality technology is available. 3. (20pts) In a static (singleperiod) model, determine whether either of these can arise in equilibrium given that the rm is free to choose its technology. Explain