The following graphs illustrate a perfectly competitive industry and a firm operating in that industry: Industry Firm MC ATC 36 -PI=MRI 28 28.4 Po-MRo 19.2.. DI 1,600 1,800 2,000 20 40 48 Answer the following questions based off of the industry and firm graphs above: 1) The industry is initially in equilibrium at point A. At what quantity will the firm choose to operate and what are the economic profits at that quantity? (Write a minimum of one sentence and provide your calculations for full credit. Please make sure that you type up your calculations.) 2) Now lets suppose the industry has shifted and is now in equilibrium at point B. What could have caused the industry equilibrium point to change from A to B? (Write a minimum of one sentence for full credit) 3) Given that the industry is in equilibrium at point B, at what quantity will the firm choose to operate and what are the economic profits at that point? (Write a minimum of at least one sentence and your calculations for full credit. Please make sure that you type up your calculations.)