PART I. This is the rst step of several steps of our economics project. In this rst step, we will assess the market for frozen yogurt. You will read about the economic setting and you will post the quantity you would supply to the market at specic hypothetical prices. (Hint: you will want to think on the gMor this one!) After September 15, when everyone's posts become visible, we will observe the market supply. I will inform you what the market demand looks like and the next step will be to establish the equilibrium price. Here is the backdrop for the rst step: You have moved to a new community and as someone who is always on the look out for a good opportunity, you observe that the new town you live in has no frozen yogurt venues. You have reason to believe that there will be solid demand for your service and you decide to open up a small shop that sells cups of frozen yogurt in this city. The market is big enough to accommodate you. You have already paid for 1 month's rent ($3000) and your commercial property landlord is allowing you to lease the space on a month- to- month basis. There are 30 days this month. You own three frozen yogurt machines already and a commercial-grade refrigerator/freezer (they were gifts from your rich uncle who just wants you to succeed). You observe that the cost of the yogurt mix, cones, cups and sprinkles and the imputed cost of utilities cost you $0.50/cup. Also, labor can generate the following output(s) and note, you cannot hire 1/2 a unit of labor. You can only hire 1 or 2 or 3, etc. Labor (# of employees hiredlld ay Output Produced/day 100 190 '0 l1 l2 |3 260 l4 l5 I6 290 310 320