Business, 26.12.2019 23:31 gilberta14

Kemps, a typical profit maximizing dairy firm, is operating in a constant cost, perfectly competetitive industry that is in long-run equilibrium. a. draw correctly labeled side-by side graphs for the dairy market and (a) for kemps and show each of the following.(i) price and output for the industry (ii) price and output for kemps b. assume that milk is a normal good and that consumer income falls. assume that kemps continues to produce. on your graphs in part (a), show the effect of the decrease in income on each of the following in the short run. (i) price and output for the industry (ii) price and output for kemps (iii) area of loss or profit for kemps c. following the decrease in consumer income, what must be true for kemps to continue to produce in the short run? d. assume that the industry adjusts to a new long-run equilibrium. compare the following between the initial and the new long-run equilibrium. (i) price in the industry (ii) output of a typical firm (iii) the number of firms in the dairy industry

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