Ly Lab 11 (Question 3) ~ Lyryx Learning Inc - Google Chrome laecon1.lyryx.com/student-servlets/LabServlet?ccid=3692 Lab 11 (Question 3) Name: Hang Ma Date: 2020-08-02 Question 3 [14 points] The following graphs are for the firm Bill's Lasers in an industry that is monopolistically competitive. a) Plot the equilibrium point in the graph below. Equilibrium Equilibrium Economic Profit (Shaded Region) 90+ 75- MR Price, Cost ($/Q) D 60- MC 45- 30- 15- 3 6 Reset Units of Output b) Mark the area for total economic profit in the graph above. c) In the following graph, drag the demand line (D) so that it is consistent with zero economic profits. Demand 90+ ATC 75. it ($/Q) 60- to 9:06 PM 2020-08-02Ly Lab 11 (Question 3) ~ Lyryx Learning Inc - Google Chrome laecon1.lyryx.com/student-servlets/LabServlet?ccid=3692 Price, Cost ($/C 60+ MC 45 30+ 15- 3 6 Reset Units of Output b) Mark the area for total economic profit in the graph above. c) In the following graph, drag the demand line (D) so that it is consistent with zero economic profits. Demand Demand Marginal Revenue Equilibrium 75- Price, Cost ($/Q) 60- D MC 45- 30- MR 15 3 Reset Units of Output d) Drag the marginal revenue line (MR) so that it is also consistent with zero economic profits. e) Plot the new equilibrium point. Official Time: 21:06:05 SUBMIT AND MARK SAVE AND CLOSE 9 9:06 PM 2020-08-02