Image transcription text 1) Draw the supply and demand graph for tea candles in a perfectly competitive market that is in long-run equilibrium. Draw both
Image transcription text 1) Draw the supply and demand graph for tea candles in a perfectly competitive market that
is in long-run equilibrium. Draw both the market graph and the individual firm’s graph.
Be sure label each curve, point, and axis. (34 points) 2) On the same graph as #1, illustrate the short-run effect of an increase in the demand for
tea candles in a perfectly competitive market. (38 points) a) What is the effect of the change on the market clearing price and equilibrium
quantity? b) What is the effect of the change on the individual producer’s profit-maximizing
quantity? c) Does the profit that individual producers receive change? If so, how? draw supply and demand, label, market and individual firm’s graph. short run effect of an increase in the demand for tea candles.
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