Question: I'm not sure if I am doing this correctly please help. Please show the formulas and any calculations that you do I'm really confused. Thank

I'm not sure if I am doing this correctly please help. Please show the formulas and any calculations that you do I'm really confused. Thank you so much I really appreciate it!

Suppose the market for corn is perfectly competitive. The following graph shows market for corn at equilibrium at P= $10 on Panel (a), and an individual firm's per unit costs on Panel (b). Use the graph to answer the following questions: A. What is the profit maximizing (optimum) level of output for the individual firm? (2 points) B. Calculate the economic Profit at that level of output. (show your calculations) (4 points) C. Suppose because of trade restrictions the market demand for corn drops to D2. What is the optimum level of output and economic profit for the firm? (4 points) Panel (a) Panel (b) MC ATC 10 10 Demand - MR Price 7 D D2 8 10 12 Quantity Quantity Market Individual firm

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