Problem 3: Long Run Costs and Long Run Equilibrium ) Case Study: New Mexico Cannabis Industry (if links don't work, use the PDF file - it's an MSWord problem) a) Read (and/or watch) the following 2023 article from KRQE reporter Ann Pierret on the New Mexico Cannabis industry and review the class material on long run casts (chapter 7.4) and entry & exit decisions (chapter 8.3). Answer the fallowing questions by connecting textbook terms and theory to examples and quotes from the article. For full credit define your terms and provide relevant quotes from the article. Here's an update from KRQE In February 2024. b) What information does the article provide on whether cannabis producers are facing economies of scale or diseconomies of scale? Define terms and provide at least one quote from the article that is relevant. c) What does the article have to say about long run equilibrium in the cannabis industry in New Mexico? Define the term normal profits from the text. Are firms making larger than normal profits? Losses? How would you know based on the article? The answer might be different for different sized firms. What do you predict is likely to happen to prices, based on your understanding of section B.3 and quotes from the article

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