Question: Given - Answer to question 4 - new equilibrium price $28 and quantity 36,272 Profit Maximization in a perfectly competitive market . Using the new

Given - Answer to question 4 - new equilibrium price $28 and quantity 36,272

Profit Maximization in a perfectly competitive market. Using the new market price that you calculated in question 4 and assuming that your farm's weekly cost function is unchanged:

What is the new profit maximizing output level for your farm?

What are your farm's weekly profits at the new profit maximizing output level?

Is this market at its long-run equilibrium? If yes, explain why. If not, discuss what will happen to restore the market to its long-run equilibrium.

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