Explain price andquantity of kevins cakes as well as profit, Microeconomics

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Explain price andquantity of kevins cakes as well as profit

Problem

1- Suppose Kevin is operating a cake shop at a perfectlycompetitive market in South Korea and producingat the shutdown point.

a. Draw graphs to show and explain the price andquantity of Kevin's cakes, as well as his profit.

b. With the graphs drawn in response to question(a), show and explain the long-run adjustmentprocess for Kevin's cake shop and the cakeindustry.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Explain price andquantity of kevins cakes as well as profit

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Microeconomics: Explain price andquantity of kevins cakes as well as profit

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