Question: Hi, I need help with this please. Question 3 [14 points] The following graphs are for the firm Frank's Robots in an industry that is
Hi, I need help with this please.
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Question 3 [14 points] The following graphs are for the firm Frank's Robots in an industry that is monopolistically competitive. a) Plot the equilibrium point in the graph below. v Equilibrium 93. '65 o 0 (I b) Mark the area for total economic profit in the graph above. c) In the following graph, drag the demand line (D) so that it is consistent with zero economic profits. b) Mark the area for total economic profit in the graph above. c) In the following graph, drag the demand line (D) so that it is consistent with zero economic profits. v Demand 8 E '65 o O .3 It d) Drag the marginal revenue line (MR) so that it is also consistent with zero economic profits. e) Plot the new equilibrium point
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