. Assume that the market for milk is perfectly competitive and graphically represent a short-run equilibrium in which a representative rm (Willy van Bakel) makes economic prots. . Use long-run equilibrium graphical analysis to capture the effect of the influx of Dutch dairy farmers on the equilibrium price and quantity for the representative firm and for the whole industry. . According to the author, one for the reasons for many US dairy farmers to go out of business is weak demand. Starting with the long-run-equilibrium from part 3, use two parallel graphs to represent the effect of the fall in demand in the industry and on the representative firm. . (Hard! But give it a shot.) Even though in class we always assumed that costs do not change, the article claims that one of the reasons for the losses of the farmers is increase in their costs. In words, tell me how would you capture this graphically and what the consequences are for the firms and for the industry