Answer the Following Questions

Essay

Answer the following questions.
a. Graph an industry in long-run equilibrium. Use two diagrams, one for the industry supply and demand curves and another for a representative firm.
b. Starting from the position of long-run equilibrium, graph the short-run effect of an increase in demand on the industry and one of its representative firms.
c. Starting from the position of long-run equilibrium, graph the long-run effect of an increase in demand on the industry and one of its representative firms. Make sure to identify the long-run industry supply curve.