Price Quantity ($/kg) demanded (kg) 1 1200 IN 1100 3 1000 900 5 800 The market for carrots in the city of Lafayette has the following demand schedule: 6 700 7 600 8 500 9 400 10 300 11 200 12 100 13 0 Each producer in the market has fixed costs of $9 and the following variable cost: Quantity Variable (kg) Cost ($) 1 $2 2 6 3 12 4 20 5 30 6 42 a. Explain the shape of this firm's cost curves. Explain with words + graph. b. The price of carrots is 11 $/kg. The producer is interested in maximizing profits, find number of carrots sold by each producer, number of producers, profit of each producer. Is this situation Long Run equilibrium? c. Describe the situation in the long run: find number of carrots sold by each farmer, market price, number of producers, profit of each producer. Also, draw the long run equilibrium for the firm and the entire market