Elli Ul The price of a pie is now $11. At a price of $11, E pies are sold in the market. Each producer makesE pies, so there are E producers in this market, each making a profit of- . True or False: The market is in long-run equilibrium. 0 True 0 False Suppose that in the long run there is free entry and exit. In the long run, each producer earns a prot of- . The market price is . At this price, E pies are sold in this market, and each producer makesE pies, so there are E producers operating. The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: #1 4 900 A 5 800 6 700 7 600 8 500 9 400 10 300 1 1 200 12 100 = I Each producer in the market has a xed cost of $6 and the following marginal cost: Quantity Marginal Cost (Pies) (Dollars) 1 1 2 3 3 8 4 10 5 1 2 6 14 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) (Dollars) (Dollars) 1 E E 2 E E 3 E E