Question: don't need any word explanation, just need graphs Question #1: A perfectly competitive and constant cost industry is in long-run equilibrium. The demand for the

don't need any word explanation, just need graphs

Question #1: A perfectly competitive and constant cost industry is in long-run equilibrium. The demand for the industry's product increases. Explain what will happen to the industry output and price and to the typical firm's output and profit both in the short run and in the long run. Be sure to explain why the predicted outcomes will occur. Question #2: A perfectly competitive, constant cost, manufacturing industry is in long-run equilibrium. Energy is an important variable input in the production process and therefore the price of energy is a variable cost. The price of energy decreases for all firms in the industry. (A) Explain how and why the decrease in this input price will affect this manufacturing industry's output and price in the short run. (B) What will be the short-run effect on price, output, and profit of a typical firm in this manufacturing industry? (C) Will firms enter or exit this manufacturing industry in the long run? Why or why not

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