Suppose that the market for exercise bikes is perfectly competitive with market demand Qp = 2,560 - 5P. The cost function for producing exercise bikes is TC(q) = 2q2 + 32q + 800 The market will be in long-run equilibrium when there are [Select) active in this market, each of which is producing Select . the market price firms will be select) and each active firm will have economic profit equal to Select) Leonard likes to have tahini (T) with sweet potatoes (S). The price of sweet potatoes is $3 per pound and tahini costs $.50 per ounce. Leonard's budget for tahini and sweet potatoes is $3.60. Leonard's utility function is U (T, S) = SVT. Leonard's MRS is [Select His income expansion path is described by Select Thus, Leonard will consume (Select] ounces of tahini and Select pounds of sweet potatoes. The Mega Millions lottery of January 22 produced one winning ticket, which was sold in Novi. Michigan. Let's say that it was bought by Bernadette. She won the $1 billion (that's a 1 with 9 zeros!) jackpot This jackpot figure refers to the amount if Bernadette opts for an annuity, paid in 30 annual installments, but, like most winners, Bernadette chooses the cash prize. For the $1 billion Mega Millions jackpot, the cash prize is $739.6 million before taxes. The IRS takes 25% of the winnings in federal taxes, and the state of Michigan an additional 4.25%, so that after taxes Bernadette takes home a cash prize of $523.3 million (or $523,300,000). Use this last amount for Bernadette's winnings. Mega Million tickets costs $2, but the odds of winning a Mega Millions jackpot are steep - one in 302.5 million. Suppose that the jackpot is the only prize in the Mega Millions lottery, so that the $2 ticket is worthless if it doesn't win the jackpot. The (Select) of a Mega Millions ticket for the January 22 drawing was [ Select Because this (Select] the price of a Mega Millions ticket, if Bernadette did the relevant calculations before purchasing her lottery ticket, she must have been [Select