The figure duplicates Figure 14.2(a), which shows the situation at your California vineyard. If demand is high, the price is $3,000 per ton of grapes, and if the price is low, the price is $1,000 per ton of grapes. Producing 300 tons of grapes maximizes your firms expected profit. Suppose that there is no fixed cost. If demand is high and your firm produces 300 tons of grapes, what is its economic profit on the tons of grapes between 100 and 300 tons? If demand is low and your firm produces 300 tons of grapes, what is its economic loss on the tons of grapes between 100 and 300 tons? High demand occurs 50 percent of the time, and low demand occurs 50 percent of the time. If your firm produces 300 tons of grapes, what is its expected profit on the tons of grapes between 100 and 300 tons? If demand is high and your firm produces 500 tons of grapes, what is its economic profit on the tons of grapes between 300 and 500 tons? If demand is low and your firm produces 500 tons of grapes, what is its economic loss on the tons of grapes between 300 and 500 tons? High demand occurs 50 percent of the time, and low demand occurs 50 percent of the time. If your firm produces 500 tons of grapes, what is the expected profit or loss on the tons of grapes between 300 and 500 tons?