The graph below depicts a firm. What is the initial equilibrium price and quantity? Explain whether the firm is making an economic profit, a normal profit, or incurring an economic loss.

Suppose an increase in the minimum wage increases the marginal cost and average total cost by $30 at each level of output. Show the effect of the increase in minimum wage in a figure. What is the new equilibrium price and quantity? After the increase in minimum wage, what is the amount of the firm's economic profit or economic loss?