Suppose that the LA newspaper operates in a competitive market for online news and is a price-taker in terms of the price p it can change readers per article. Assume that in the short run, the LA newspaper has already hired a web designer. For each value of p below, explain how many articles the newspaper will supply and whether it would choose to run an online news website in the long run (i.e. when it has a choice whether to incur the cost of hiring a web designer or not).
i). p < p_1
ii). p_1 < p < p_2
iii). p_2< p < p_3
iv). p_3 < p
Note: it costs 9,000 per month to hire a web designer and that teh marginal cost of serving the ath article each month is: (a-300)^2/1,000 + 1/100