Assume the market for fertilizer is perfectly competitive, Business Economics

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Assume the market for fertilizer is perfectly competitive

Assume the market for fertilizer is perfectly competitive and is in equilibrium.

1-Draw a graph for the Supply and Demand for fertilizer as well as a graph for the individual firm.

2-A change in the weather causes an increase in demand for fertilizer. Draw the new demand curve and show how this affects the firm’s marginal revenue and profit-maximizing quantity.

3-How does this affect the profit if the firms in the market?

4-Since there is free entry and exits how will firms respond to this change in the market? Illustrate how their response will affect the supply curve in the market.

5-After firms respond to the change, what is the profit earned by firms in the perfectly competitive market?

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