$3.$ What will the new equilibrium market price be if demand falls $?$ Given that new price, how should we react to maximize profit in the short and long run $?$

answer to question #$3$ must contain at a minimum:

$-$ the new equilibrium price and why that is

$-$ short run

$-$ the profit maximizing level of output at the new equilibrium price

$-$ total revenue at that level

$-$ profit$/$loss at that level

$-$discuss if in the new short run the firm would continue to produce or shut down if the decision is to produce $,$ why? $($hint: compare current outcome at the new price to the profit$/$loss if a firm shuts down$)$

$-$ if the decision is to shut down $,$ why?

$-$ long run will the firm remain in the market or exit and why $?($remember exit decision$)$