Can you please help me with this assignment? Can you please use simple terms when explaining, thank you!

A Rose By Any Other Name is a typical profit maximizing floral shop operating in a constant -cost , perfectly competitive industry that is in long run equilibrium.

A) Draw correctly labeled side-by-side graphs for the floral market and for A Rose By Any Name and show each of the following:

• Price and output for the market
• Price and output for the firm

B) Assume that flowers are a normal good and that consumer income decreases. Assume A Rose By Any Name continues to produce. On your graph in part (A), show the effect of the decrease in income on each of the following in the short run.

• Price and output for the market
• Price and output for the firm
• Area of profit or loss for the firm

C) Following the decrease in consumer income, what must be true for A Rose By Any Name to continue to operate in the short run?

D) Assume that the industry adjusts to reach a new stage of long run equilibrium. Compare the following between the initial and new long run equilibrium.

• Price in the industry
• Output of a typical firm
• The number of firms in the floral industry