Aruzhan & Co, operating in a monopolistically competitive industry, produces a cleaning product called AruClean. The company currently produces the profit-maximizing quantity of AruClean but is operating at a loss. a. [4 points] Draw a correctly labeled graph for Aruzhan & Co and show each of the following: i. The profit-maximizing output and price, labeled Qm and Pm, respectively ii. The area of loss, shaded completely b. [2 points] Assume now that the demand for cleaning products increases and that the company is now earning economic profits. Relative to this short-run situation, how does each of the following change in the long run? a. The number of firms b. Profits of Aruzhan & Co c. [2 points] In the long run, if the company continues to produce, will it produce the quantity that is larger/lower/equal to the quantity that would have been produced in the perfectly competitive market? Explain. d. [2 points] In the long run, will the company be operating in a region where economies of scale exists? Explain. Hint: will it be possible to decrease ATC by increasing the quantity of goods produced? Write your answer in the space below: