Competitive firms being price takers have to accept the market price for their product and respond to changes in prices caused by global market conditions. Therefore, competitive firms respond to changes in prices of commodities such as grain, metals, sugar, cotton, coffee and dairy cattle set by organized international markets and the individual firm has no power to influence the price". Assume an outbreak of a major virus results in the need to slaughter a large population of dairy cattle, resulting in a shortage of milk in the market. Evaluate, in terms of the above statement and using marginal analysis as the basis for your answer, the initial and new profit maximizing position for a perfectly competitive firm