5. Econoburgers, a fast-food restaurant in a crowded local market, has reached a long-run equilibrium.

a. Draw a diagram showing demand, marginal revenue, average total cost, and marginal cost curves for Econoburgers.

b. How much profit is Econoburgers making?

c. Suppose that the government decides to regulate burger production to make it more efficient. Explain what would happen to the price of Econoburgers and the firm’s output.