Ch8.4

please show the work clearly.

4. The egg industry comprises many rms producing an identical product. Supply and demand conditions are indicated in the left hand panel of the gure below; the longrun cost curves of a representative egg producer are shown in the righthand panel. Currently, the market price of eggs is $2 per dozen, and at that price consumers are purchasing 800,000 dozen eggs per day. (a) Market (1,) Firm /|/iH \\ 0 800 1,200 1,600 2,000 2,400 1,000 2,000 2,300 2,400 Quantity (thousands of dozens) Quantity (dozens) . Determine how many eggs each rm in the industry will produce if it wants to maximize prot. . How many rms are currently serving the industry? . In the long run, what will the equilibrium price of eggs be? Explain your reasoning and illustrate your reasoning by altering the graphs above. . In the long run, how many eggs will the typical rm produce? . In the long run, how many rms will comprise the industry