Problem
Econoburgers, a fast-food restaurant in a crowded local market, has reached a long-run equilibrium.
a. Draw a diagram showing demand, marginal revenue, average total cost, and marginal cost curves for Econoburgers.
b. How much profit is Econoburgers making?
c. Suppose that the government decides to regulate burger production to make it more efficient. Explain what would happen to the price of Econoburgers and the firm's output.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.