Please help solve these problems. Draw graph if needed! Thank you!

As always, make certain you label all axes and curves. Llamaton is a firm in a perfectly competitive, constant-cost industry. Its total cost function is SieEmbelow: 4 Uni E 595 | | (a) What is Llamaton's average fixed cost if it produces 5 units? (b) Explain one way that being in a perfectly competitive market affects Llamaton. () If the market price is $12, what is Llamaton's profit-maximizing or loss-minimizing level of output? Explain. (d) Based on your answer to part (c), what is the value of Llamaton's economic profit or loss? (e) Using two completely labeled side-by-side graphs, illustrate how the market sets the short-run demand for Llamaton. (Base your graphs on the perfect competition model, not the prior data.) Label the market equilibrium price P. and quantity Q.. Label the profi -maximizing quantity for Llamaton Q.. Assume that Llamafon is earning normal profit, (f) Ilustrate the short-run effect of Label the new market equilibrium a decrease in market demand on your graphs from part (e). quantity for I lamaton Q.. price P.; and quantity Q... Label the new profit-maximizing Shade completely the area of Llamaton's economic profit or loss. (g) What would happen to this indus if it stays in the industry? Explain. try in the long run and to Llamaton's economic profit or loss (h) In two side-by-side graphs, draw a new perfectly competitive market and individual firm experiencing short-run economic profits. I llustrate what will happen to the market in the long run and the impact on the firm's profits. Be sure to completely label your graphs