Answer for 2-A only

Question 2 Consider the two graphs below. Graph A represents a typical rm in a purely competitive industry. Graph B represents the supply and demand conditions in that industry. $6 as s. RTE 5 5 M R1 4 _ _ . a 3 3 a. 2 2 1 1 0' 0 0 10 20' 30 40 ED 1000 2000 3000 4000 5000 Quantity Quantity A B a. Describe the price, output, and prot situation for the individual rm in the short run