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Submit 4 1 point Pampered Pooches, a gourmet dog food company. operates in a monopolistically competitive market. The company is producing at the profit maximizing level of output and is currently earning a positive economic profit. a) Draw a correctly labeled graph for Pampered Pooches and show each of the following: 1. The profit-maximizing output and price, labeled as Qm and Pm. 2. The area of profit, shaded completely. b) Assume now that the demand for gourmet dog food decreases and the company begins to earn an economic loss. Relative to this short run situation, how does each of the following change in the long run? 2 1. The number of firms 2. The company's profit 3 c) In the long run, if the company continues to produce, will it produce the allocation efficient level of output? Explain. d) In the long run, will the company be operating in a region where economies of scale exist? Explain. B IYA ALBEE X X 12pt Paragraph 4:42 PM Type here to search O W X 3/30/2021 Home End Delete