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4. (24 points) Suppose the market for Spanish saffron is perfectly competitive and the market price is currently $10 per unit. Use the cost table from question #3 to answer the following questions. Assume further that these are the lowest possible cost curves obtainable for a typical firm. a. What is the profit-maximizing quantity? What is profit at that quantity? b. Could this market be in long-run equilibrium? Why or why not? c. Would the firm whose costs are given in #2 want to continue operating in the short run? Why or why not? d. Is this market allocationy efficient in the short run? Why or why not? e. Do we expect a price rise or fall in this market? Is it possible that $12 could be the long-run equilibrium price in this market assuming there is no change to costs