1) 2) 3) Draw the supply and demand graph for tea candles in a perfectly competitive market that is in long-run equilibrium. Draw both the market graph and the individual rm's graph. Be sure label each curve, point, and axis. (34 points) On the same graph as #1, illustrate the short-run effect of an increase in the demand for tea candles in a perfectly competitive market. (38 points) a) What is the effect of the change on the market clearing price and equilibrium quantity? b) What is the effect of the change on the individual producer's prot-maximizing quantity? 0) Does the prot that individual producers receive change? If so, how? On the same graph as #1 &2, illustrate the long-run effect of the increase in demand for tea candles in a perfectly competitive market. (38 points) a) What is the effect of the change on the long-run market clearing price and equilibrium quantity in the long-run? b) What is the effect of the change on the individual producer's profit-maximizing quantity in the long-run? 0) Do any producers enter or leave the market for tea candles? Why? d) Does the prot that individual producers receive in the long-run change? If so, how