Assume that grapefruit is an inferior good. Draw a perfectly competitive market for grapefruit and a firm selling grapefruit in the long run equilibrium where price is $1 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each). EXPLAIN what happens in the short-run if incomes increases by 15%? EXPLAIN the process by which this market returns to the long-run equilibrium