Assume that the soda market is perfectly competitive and initially in long-run equilibrium at a price of $15 a 12-pack. 2. Imagine that there is an increase in the market demand, and the price goes to $20. Because of this, Empire Soda increased production from 1000 to 1400 units and is now earning $2800 in profits in the short-run. Draw a graph that is consistent with this information. include the firm's demand & MR curve and its Marginal Cost and Average total cost curves