Please refer below

Figures 2-4 below show the price and quantity decisions made by individual profit-maximising firms of a similar size operating in different markets. Figure 2 Price Marginal cost Isoprofit curve Isoprofit curve AC Demand curve Quantity Figure 3 Marginal cost B Isoprofit curve Price Demand curve QuantityU \\ I I. I. U 1 QUESTION 5 [Max 100 words, 2 marks] Consider the market of oranges in Australia. Which gure among Figures 2-4 represents the best the situation of an individual orange farmer? Explain within 100 words. Your answer must refer to the concepts of markup and the price elasticity of demand. (2 marks) Department of Economics ECON1020 PRINCIPLES OF ECONOMICS 1 | S2 2020 University Figure 4 AC Marginal cost Price Isoprofit curve Demand curve Quantity