The following information is to be used for Questions 7, 8, and 9 In Jolilu, anyone who wants to do so may operate a taxicab (a "hack"). The cost of operating a taxicab is constant at $100 per day, which includes the daily (minimum) wage paid to the owner-driver. The daily revenue received by all taxicab owners together depends on the number of taxicabs ("hacks") on the streets of Jolilu, and can be described by the following: TR(H) =300*H -4*H , where H = number of taxicabs ("hacks") operating 7. Under the present system of unrestricted entry into the taxicab market, how many taxicabs will be operated? A. Fewer than 20. B. At least 20 but fewer than 30. C. At least 30 but fewer than 40. D. At least 40 but fewer than 50. E. At least 50 (50 or more).8. Following several years of mediocre earnings, the taxicab owners formed an association to deal with the problem. The head of the association, Jean-Guy Thibeau, proposed restricting the number of taxicab operators to the socially efficient level. What is the efficient number of taxicabs in Jolilu? A. Fewer than 20. B. At least 20 but fewer than 30. C. At least 30 but fewer than 40. D. At least 40 but fewer than 50. E. At least 50 (50 or more). 9. Jean-Guy proposes that each taxicab owner who continues to operate in Jolilu be charged a daily license fee. The revenues raised from license fees, net of administration costs, will be paid to the former operators who withdrew from the market, as compensation. e How much should a daily license cost, if the socially optimal number of taxicabs are to be operated on the streets of Jolilu? A. Less than $50. B. $50. reso C. More than $50 but less than $100. Coursel D. $100 E. More than $100