Question: 2. Consider the market for cheeseburgers. (a) Plot the demand, marginal cost, average total cost, and marginal revenue for a generic burger stand (has many

2. Consider the market for cheeseburgers. (a) Plot the demand, marginal cost, average total cost, and marginal revenue for a generic burger stand (has many close substitutes) at long-run equilibrium and label the price and quantity it sells at. (b) Plot the demand, marginal cost, average total cost, and marginal revenue for a In-N-Out (has brand recognition and a unique burger) earning a short-run profit and label the price and quantity it sells at (and any markup/excess capacity). (c) Which firm has a stronger incentive to maintain strict quality control in the production process, In-N-Out or the generic burger firm? Explain by making reference to the demand curves of each. (d) Why might it not make sense for the generic firm to spend money on advertising

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