QUESTION #3: 12 pts Use the following graph to answer parts (a)-(e). Prices and costs are in dollars. MC ATC Price, Cost WO ONGONNNS D 0 4 3 12 16 20 24 28 32 36 40 MR Quantity The graph above shows the demand D, marginal revenue MR, marginal cost MC, and average total cost ATC curves for one of many profit-maximizing firms operating in the short run in an industry in which there are no barriers to entry. Each firm sells a similar but not identical product. a. What will happen to total revenue if the firm raises the price from $9 to $12? Explain b. At 16 units, is the firm producing at the allocationy efficient quantity? Explain. c. If the firm produces 12 units, will the firms economic profit be positive, negative or zero? Explain d. Us the relationship between the marginal cost curve and the average total curve to explain why the average total cost curve is increasing at 20 units. e. Calculate the consumer surplus if the firm charges the profit-maximizing price. Show your work. f. How much profit would this firm earn in the long run? Explain