4 The firm in problem 3 has the same demand and costs as before if it does not advertise. But it hires a new advertising agency. If the firm spends a3,000 a day on advertising with the new agency, it can double the amount that consumers are willing to pay at each quantity demanded. a If the firm hires the new agency, what is the quantity of shoes produced and what is the price per pair? b What is the firm’s economic profit or economic loss? c Will the firm advertise or not? Why? d What is the firm’s economic profit in the long run?