I would really apriciate it if you could illustrate the answer in a detailed way with graphs.
Problem: Firms in pure competition take the market price as given and produce the level of output which will maximize their profits.This quantity can be determined graphically by using either the total revenue, total cost approach or the marginal revenue, marginal cost approach. By using either one of these two methods, can you show graphically how the profit maximizing output is found. Please use the graphs ( I need two different graphs for this question) to show how much economic profit or economic loss the firm is making.