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Please answer these questions Question 3: Before Leia's firm from Question 2 opened, there were 3 firms producing rubber bands. Assume each firm was a

Please answer these questions

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Question 3: Before Leia's firm from Question 2 opened, there were 3 firms producing rubber bands. Assume each firm was a price-taker. Information for each firm is recorded in Table 3. a) Using on the information in Table 3, plot the market level long-run supply curve for the rubber band market before Leia's firm entered the market for prices between $0 and $4. Hint: it may help to first plot the ATC curves. b) Before Leia's firm entered, the market price for rubber bands was $2.5. After Leia's firm entered the market, the price fell to $0.75. What is long-run market quantity supplied (at p=$0.75) after Leia's firm entered? c) Which firm in Table 3 lost the most profit from Leia's firm entering the market? How much profit did they lose? Table 3: Rubber Band Firms Firm A Firm B Firm C ATC 29 - 3+ QIN 4 12 q- 3.5 + 39 - 10 + MC 49 - 3 29 - 3.5 69 - 10

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