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Sherry's Cherries picks and sells cherries at the farmer's market. Sherry's is a profit maximizing firm in a perfectly competitive market. The quantity of output (pounds of cherries picked per day) and the corresponding number of workers per day are in the following table. Also, assume that the salary paid to workers is the only variable cost, and the salary per worker per day is a constant. Labor Quantity MPL FC VC TC AVCATC VIC 1 2 3 4 5 25 55 35 20 10 100 500 1. (8pts) Using the information given in the table, fill out the entire table. (Use two decimal points if necessary) 2. (5 pts) Based on the table above, if the price of cherries is $10, indicate the profit-maximizing quantity and calculate the value of this maximum profit. Be sure to clearly state the rule to determine the profit-maximizing quantity. 3. (2pts) What is the key difference between short run and long run in economics? 4. (2pts) At what price would Sherry's decide to shut down the business in the short run? What is criteria? 5. (2pts) At what criteria would Sherry's decide whether to exit the market in the long run? Why? 6. (2pts) What would happen to the market price in the long run if several other similar firms decided to enter the market? Explain why. 7. (4pts) Draw a graph showing the long run average total cost for a firm (no need to use specific numbers from this question). Explain what is economies of scale. Identify the portion on the ATC curve which represents the economies of scale.