in France is perfectly competitive. Ancwer the following 3 questions, shew wll jour uvel? 3. What would this compamy's accounting profits equal for a year? b. What would this company/s economic profits equal for a year? c. What would we expect to happen in the long run to this market? Why? Joseph owns the only ice cream shop in a small town outside Mobile, Alabama and consumers see no close substitutes for his products. According to the accompanying table, which shows production and costs for Joseph's ice cream shon, answer the following questions, Show all your work for partial credit. A. Dy ushis the profit-maximizing nule, what is the quantity foseph thould produce to maximize his profits? (You will have to calculate MR and MC) 8. By using the profit-maximazine rule, what is the price loseph should set to mavimize his protits? C. At the price and qusitity you found. what is the proft Joseph makes? Explain how the long-run perfectly competitive equilibrium is efficient and monopoly equilibrium is inefficient. Your friend makes the following comment: "T hate advertising it is such a waste of money and sometimes just wrong. I dorit even understand why some firms atvertise and some don't. Explain to your friend the economics of advertising. Your description should include: (1.) a discussion of why some firms advertise and others do not: and (2.) a description of the positive and negative economic effects of advertising