Pplease explain work

(2 points) What is the economic profit of the typical firm in the short run equilibrium? Explain and 6. (20 points total this question) show your calculations. The gadget industry is perfectly competitive and contains 1,000 identical firns. The last page of your exam contains short run cost data for the typical firm in the gadget industry for three different plant sizes (plant sizes 1-3). Until further specified, assume that all of the firms in the gadget industry are dealing with plant size 1 in the short run. (2 points) The typical firm will shut down if the price of a gadget falls below Explain. The remaining questions deal with the long run equilibrium in the gadget industry. (2 points) Using the data on the last page of your exam, derive the typical firm's long run average cost 2 points) The typical firm will break even if the price of a gadget equals Explain. (LRAC) curve. Explain. Q 10 Long Run Average Cost 20 (2 points) The industry demand for gadgets is given below on the right. Fill in the blank cells in the 30 industry supply schedule below on the left. Two cells have already been filled in for you. Explain briefly 40 and be sure to identify and explain the quantity supplied at the price corresponding to the shut down 50 point. 70 80 Price Quantity Supplied Price Quantity 90 $2.39 $2.39 100,000 100 $2.44 $2.44 88,000 110 $14.25 28,000 $14.25 72,000 $17.10 $17.10 67,000 46.42 $46.42 61,000 (2 points) Over the range of output from 70 to 110 units, does the typical firm experience increasing 90.39 $90.39 50,000 returns to scale, decreasing returns to scale, or constant returns to scale? $149.02 60,000 $149.02 38,000 $222.30 $222.30 31,000 (2 points) What is the minimum efficient scale of production for the typical firm? Explain. (2 points) What will the price of a gadget be in the long run? Explain. (2 points) What is the short run equilibrium price of a gadget? Explain. (2 points) How many firms will exist in the gadget industry in the long run