Are you able to explain how this answer is solved and how graphs are made for this question? Assume a firm

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Are you able to explain how this answer is solved and how graphs are made for this question?

Assume a firm

in a monopolistically competitive industry is currently making a short run positive economic profit. Describe what is likely to happen to this firm’s profit in the long run. What role does elasticity play in this story?

Think of a few examples of monopolistically competitive industries (try to be creative and not just use the ones discussed in lectures). When doing so, think about the characteristics of this model (number of firms, product differentiation, barriers to entry, advertising).

MONOPOLISTIC COMPETITIONLONG – RUN EQULIBRIUMPrince I castMcATC-> ( MR = me )D -> Productive efficiency = Minimum AreMRQuantityExcess- Excess capacity = ATC – ( MR = mc)capacity….

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