Assume that the potato chip industry is perfectly competitive.Suppose the industry is in long-run equilibrium when the price of crop fertilizer increases substantially, raising the cost of growing potatoes.Draw 2 graphs (1 overall market and 1 firm specific) demonstrating what you expect to happen in the market for potato chips. Provide a brief explanation of what is happening on your graphs and what that means for the number of companies in business.

1. Draw your own graph on a piece of paper .
2. Clearly label all axes and lines. Provide all necessary details.