PART I. This is the next step of several steps of our economics project. In this next step, you will derive the market supply curve from the individual supply curve survey responses you submitted last week. Your Yogurt Businesses and individual firm supply curves are listed below. To keep everything somewhat anonymous, just your DBA (doing business as) name is listed along with the various quantities supplied you claimed to offer at each discrete price. Based on this information, please derive the Market Supply. The Demand for the whole market is furnished below the student survey responses below. There are 27 pooled Yogurt Businesses in our Community, each offering the following. (Unfortunately, about 10 people have chosen to not go into business and did not post their quantities supplied. ) Show below are the various quantities supplied at the various different market prices: Your Assignment: (1) Fill in the Following Table and *STATE* what the market equilibrium price and quantity are: * Price Market Demand (Qd) Market Supply (Qs) $1.00 7,777 $1.30 7,195 $1.40 6,829 $1.50 6,579 $1.65 6,429 $1.85 6,279 $2.00 6,029 $2.25 5,679 $2.50 5,179 * This posting is due by Wednesday, September 28, 2022 by 11:59 pm. (2) Calculate the profits under TWO SCENARIOS Note: The Formula for Profit = Total Revenue minus Total Cost where Total Revenue = Price x Quantity = P * Q and where Total Cost = Fixed Cost (rent) + Variable Cost (cost of inputs and labor) A) Calculate the Profit for a firm at a Quantity Supplied of ZERO. This is the "shut down" scenario where no effort is made. (There are quite a number of firms that are offering to sell 0 units at the market equilibrium price. Evaluate the profits/losses per day incurred by those firms who choose to shut down during their first month of operation. Is that the "best" option at the market equilibrium price? Yes or no and show why. ) (B ) For your *own* business (listed above) , evaluate your own profits/losses per day at the quantity supplied you posted last week (shown in the table above). Taking the market price as a given, are you doing the best you can do? Do you think there is a better output selection for profit maximization/loss minimization. If you could, would you modify your quantity supplied, given that now you know what the market price is? Or, are you satisfied with your initial responses and make no changes given the equilibrium price? Have fun! I'm looking forward to reading your responses and what you observe