Question: 1. Draw a short run firm and industry competitive equilibriums for a perfectly competitive gator farming industry before the number of alligators farms in Fl. 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.
2. Assuming gator farming is perfectly competitive explain the long run competitive equilibrium condition for the typical gator farmer and the industry as a whole.