Question 7 3 points Save Answer Consider a firm that sells its product in a perfectly competitive market where the current market price is $3.80 per unit and the total market quantity is 2560 units. The firms in the market have identical cost structures and the firm's cost structure is described by the following equations: TC = 62.50 + 0.1q2 - 0.2q and MC = 0.2q - 0.2. (Question 7 of 10) Suppose consumers' income increases, and consumers view this good as a normal good. As a result of this event (and with the market price being one of the following prices: $1.80, $3.80, or $5.80), what quantity should the firm produce to maximize its profit in the short run?Question 8 4 points Save Answer Consider a firm that sells its product in a perfectly competitive market where the current market price is $3.80 per unit and the total market quantity is 2560 units. The firms in the market have identical cost structures and the firm's cost structure is described by the following equations: TC = 62.50 + 0.1q2 - 0.2q and MC = 0.2q - 0.2. (Question 8 of 10) Suppose consumers' income increases, and consumers view this good as a normal good. As a result of this event (and with the market price being one of the following prices: $1.80, $3.80, or $5.80), what is the firm's short run profit at its profit maximizing level of output?Question 10 3 points Save Answer Consider a firm that sells its product in a perfectly competitive market where the current market price is $3.80 per unit and the total market quantity is 2560 units. The firms in the market have identical cost structures and the firm's cost structure is described by the following equations: TC = 62.50 + 0.1q2 - 0.2q and MC = 0.2q - 0.2. Question 10 of 10) Suppose consumers' income increases, and consumers view this good as a normal good. What is the long run equilibrium price