Over the past few years, Australian residential properties have attracted considerable interest from foreign investors. This has resulted in a significant increase in the number of new apartment developments, particularly in Fortitude Valley and Newstead. Answer the following questions: Assume that the residential construction industry was earning normal profits prior to the increase in demand for residential properties from foreign investors. If no new construction firms enter the market, it is likely that the existing construction firms in the short run will now earn profits. Type N for Normal, E for Economic, or A for no accounting. Assume Hutchinson Builders currently generates an average of $7 million profit per project it constructs in Fortitude Valley. The company currently has 4 projects being developed in Fortitude Valley. If increasing prices result in profits per project increasing by 8%, then Hutchinson's expected profits will total $ million. Answer to two decimal places. In the long run it is expected that the market will readjust resulting in firms earning profits. Type N for Normal, E for Economic or A for zero Accounting