1. Bestmilk, a typical profit-maximizing dairy farm, is operating in a constant-cost, perfectly competitive industry that is longrun equilibrium . [a] Draw correctly labeled sideby-side graphs for the dairy market and for Bestmilk and show each of the following. (a) = red (i) Price and output for the industry (ii) Price and output for Bestmilk 345} lb) Assume that milk is a normal good and that consumer income falls. Assume that Bestmilk continues to produce. On your graphs in part {a}, show the effect of the decrease in income on each of the following in the short run. lb) = blue