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Assume that you are the manager of high fructose corn syrup (HFCS) competitive manufacturer. Assume that both demand and marginal costs fluctuate between low and high levels. Assume that the monthly price of a pound of HFCS can be either $0.20 or $0.50, with a probability of 50% for each price. Assume that the monthly marginal cost of a pound of HFCS can be either $0.30 or $0.40, with a probability of 50% for each outcome. The marginal cost of producing a pound of HFCS is MC = 0.000001Q. 5.1 Draw a graph that shows fluctuations of demand and marginal cost of HFCS. 5.2 The expected price is 5.3 The quantity that maximizes profits is 5.4 Given that you maximize profits, when demand is high, the loss in profits is 5.5 Given that you maximize profits, when demand is low, the loss in profits is 5.6 Given the expected marginal cost E(MC) and that you would like to increase profits, you are willing to pay for a perfect forecast of demand 5.7 For this question, assume that the HFCS firm has market power. Explain if price equals marginal costs. Assume that marginal cost is given by E(MC), for a perfect forecast, the firm is willing to pay you