Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. Output TC MC ATC 25,000 $100,000 $0.50 $ 4.00 50,000 150,000 1.00 2$ 3.00 75,000 187,500 2.50 2$ 2.50 100,000 275,500 3.00 $ 2.76 Instructions: In part a, round your answers to 2 decimal places. In parts c and d, enter your answers as a whole number. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? No c. Suppose that the market price for a bottle of vitamins is $2.50. At that price the total market quantity demanded is 75,000,000 bottles. How many firms will be in this industry? 1,000 firm(s) d. Suppose that, instead, the market quantity demanded at a price of $2.50 is only 75,000. How many firms will be in this industry? | firm(s) e. Review your answers to parts b, c, and d. Does the level of demand determine this industry's market structure? Yes

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