1. Draw short-run firm and industry competitive equilibriums for a perfectly competitive gator-farming industry before the number of alligator farms in Florida doubled. For simplicity, assume the gator farm is earning zero economic profit. Then show the short-run effect of an increase in demand for alligators.

1. Draw short-run firm and industry competitive equilibriums for a perfectly competitive gator-farming industry before the number of alligator farms in Florida doubled. For simplicity, assume the gator farm is earning zero economic profit. Then show the short-run effect of an increase in demand for alligators.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section7.5: Long-run Supply Curves Under Perfect Competition

Problem 1YTE

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