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Pampered Pooches, a gourmet dog food company, operates in a monopolistically competitive market. The company is producing at the prot maximizing level of output and is currently earning a positive economic prot. 3) Draw a correctly labeled graph for Pampered Pooches and show each of the following: 1. The prot-maximizing output and price, labeled as Qm and Pm. 2. The area of prot, shaded completely. b) Assume now that the demand for gourmet dog food decreases and the company begins to earn an economic loss. Relative to this short run situation, how does each of the following change in the long run? 1. The number ofrms 2. The company's prot c) In the long run, if the company continues to produce, will it produce the allocatively efcient level of output? Explain. d) In the long run, will the company be operating in a region where economies of scale exist? Explain