b. What is the price of a pair of Lite and Kool shoes? 100 L c. What is Lite and Kool's economic profit or economic loss? 80 3. In the market for running shoes, all the firms face a similar demand curve and have similar cost curves to those of Lite and Kool in problem 2. 60 a. What happens to the number of firms producing running shoes in the long run? Price and cost (dollars per pair) 40 b. What happens to the price of running shoes in the D long run? 20 c. What happens to the quantity of running shoes MR produced by Lite and Kool in the long run? d. What happens to the quantity of running shoes in 50 100 150 200 250 the entire market in the long run? Quantity (pairs of running shoes per week] e. Does Lite and Kool have excess capacity in the long run. f. Why, if Lite and Kool has excess capacity in the long run, doesn't the firm decrease its capacity? g. What is the relationship between Lite and Kool's price and marginal cost