Use the graph below to answer the following questions. a. If the market price is P5, what is the economic profit? (6 points) b. If the market price is P1, what is the economic profit? (6 points) c. What are the long-run equilibrium price, quantity, and profit? (4 points) Note: you need to show the steps to get full credits. Price P4 P5 P3 P2 P Q Q MC /AVC ATC Q3 Q4 Quantity

Use the graph below to answer the following questions. a. If the market price is P5, what is the economic profit? (6 points) b. If the market price is P1, what is the economic profit? (6 points) c. What are the long-run equilibrium price, quantity, and profit? (4 points) Note: you need to show the steps to get full credits