Can you please draw it and answer them

QUESTION 4: 12 pts. Suppose a shoe retailer operates in a monopolistically competitive industry and that it is currently in long-run equilibrium. a. Draw a correctly labeled graph showing the following: i. Price (labeled P1) (1 pt) ii. Quantity (labeled Q1) (1 pt) iii. The socially optimal quantity (QS) (1 pt) iv. The revenue maximizing quantity (QR) (1 pt) b. Is the firm operating where there are economies of scale when in long-run equilibrium at Q1? Explain. (2 pts) c. Suppose the government implements a lump sum tax on the shoe industry. Describe the impact on each of the following: i. The firm's price and quantity. Explain. (2 pts) entoisler orlteu .b ii. The level of economic profit. (1 pt) bisicl d. Given your answer to part c please answer the following: i. What would need to be true for the sample firm to continue to operate in the short-run after the tax was imposed? 1 pt ii. What would happen to the number of firms in the industry in the long-run? Explain. (2 pts)