You need to watch the following video before completing this assignment:https://www.fox4news.com/news/takeout-orders-not-enough-to-keep-some-dallas-restaurants-from-closing

During the COVID-19 shut down, restaurants were not allowed to serve meals, but they were allowed to remain open for take-out and delivery. Some restaurants chose to shut down.

"We knew that with the amount of employees that we were going to keep, that there was actually no chance of profit for us."

Q- First, draw a graph showing the restaurant's profit maximizing. Mark the profit maximizing quantity the firm will produce. Draw the graph to illustrate that the firm is making a very small economic profit (or normal profit) BEFORE COVID. Assume the Price for each meal is $10.

Question: Why are we modeling the restaurant Pre-COVID as a firm making a very small or normal profit before COVID? What leads us to believe this might be true?

Next, on the same graph, show whyThe Standard Pourdecided to shut down due to the large reduction in meals. Assume each takeout meal now sells for $11 and demand has shifted in. (It might be helpful to use a different color.) You do not need to add more numbers to your graph (unless you want to for your own purposes.) The position and shape of your cost curves in relation to demand, MR will show the change in economic profit.

Make sure to include the following in the space below:

1. Profit maximizing quantity of meals Pre-COVID.
2. The quantity of meals with take-out only (80% fewer than pre-COVID.)
3. Economic loss with take-out only.
4. A concise written description explaining what happened in the graph.