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QUESTION 2 Table 2 shows the average cost of a firm. Table 2 1 w e e e IR A e e e Assuming the firm's profit-maximisation level of output is 6 units, and it is selling its products in a perfectly competitive market, answer the following questions: a. Using a graph paper, draw a graph to scale that illustrates the firm's profit maximization level (tip: draw MC, AC AR, and MR curves). b. Based on the drawn graphs in (a), identify the profit maximisation price. c. Based on the answer in (b), calculate the profit/loss of the firm. d. Based on the answer in (c), identify the type of profit. e. Is this firm operating in the short run or long run? Justify