Question 2 a. Your mate, whose business is operating in the long run, told you that he is still in the business because he is making a normal profit. Explain, using diagramls} what is a normal profit and why is your mate happy to keep the business in operation. (assuming that he is in a perfectly competitive industry]. [3. All firms aim to maximise their profit. Use graphls] and marginal analysis to explain profit maximising quantity. Will producing a profit maximising quantityr guarantee a profit. c. In your everyday life, you make strategic decisions. Define game theory and use the game matrix diagram to explain a strategic decision you have made recently