Please create all graphs and complete all answers in the EXCEL attachment, thank you


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Please create all graphs and complete all answers in the EXCEL attachment, thank you 1 answer below » Please create all graphs and complete all answers in the EXCEL attachment, thank you Document Preview: 5. Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.

a. How do you know that the industry is in longrun equilibrium?

b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.

c. Show and explain the long-run adjustment process for both the firm and the View complete question » Please create all graphs and complete all answers in the EXCEL attachment, thank you Document Preview: 5. Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.

a. How do you know that the industry is in longrun equilibrium?

b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.

c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium? Attachments: ch-7-technica….xlsx View less » Feb 05 2016 06:47 AM

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