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DISCUSSION] ASSIGNMENT: Show all your scratch work on your answer page. [75 points] An avocado farm industry has 100 firms, each of them has fixed cost of $16 and average variable cost as follows: Quantity Produced Average variable cost 1 $1 2 2 3 3 4 4 5 5 6 6 The equilibrium price is currently $10. (A) How much does each farm produce? (B) What is the total quantity supplied in the market? (C) Is each firm making positive economic profit? (D) If each of the firms is making economic profit, describe how the industry reaches a long-run equilibrium. (E) What is each farms profit maximizing conditions in the long-run equilibrium