Suppose that we exist in a perfectly competitive industry, and we begin in longrun equilibrium. The cost curves are as below. \"I p L\". D U SRATC s LRAC p nvc MR MC D D. Q Now suppose that the government also implements a $10 excise (per unit] tax on the producers in this market. 1) What will happen to shortrun profits for firms in this market? Draw what happens to the market price and show what happens to firm profits using supply and demand and the cost curves similar to the figures above. [hint: in the shortrun, you will want to use the shortrun supply curve, not the longrun supply curve.] [3 points] What would need to happen for firms to begin to exit in the shortrun? Show this visually using using supply and demand and the cost curves. Show an example where firms would not be exiting on the shortrun. [3 points] What will happen to the market price and the number of firms in the longrun as a result of this tax? Show this visually using using supply and demand and the cost curves. [3 points] Who ends up paying the incidence of this tax in the longrun (buyers or sellers]? [2 points]