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demandcurve, and mark the new equilibriumpoint with the letter D. Also, illustratenice nugnt's profit maximizingpoint with the letter b. Fill in the table'sshort run (SR)
demandcurve, and mark the new equilibriumpoint with the letter D. Also, illustratenice nugnt's profit maximizingpoint with the letter b. Fill in the table'sshort run (SR) column (c) At point b, Rice Right's profit is positive negative , so firms enter exit rice farming (d) In the intermediate run, entry or exit changes supply by 150 million tons per year. (You decide whether the change is an increase or a decrease) Plot the new shortrun supply curve in the intermediateun Marktheintermediaterunequilibriumpointwith theletter C, carry the relevant equilibrium information over to Rice Right's graph, and mark Rice Right's profit-maximizing point in the intermediaterun with the letter c. Fill in the table's intermediaterun (IR) column (e) The long-run equilibriumprice is $ per ton In the long-run equilibrium enough firms enter rice farming to increase rice supply by tons per year (at each price). Draw the shortrun supply curve in the long-run equilibrium Mark the long-run equilibrium with the letter D, carry the relevant information over to Rice Right's graph, and mark Rice Right's profit maximizing point in the long run with the letter d. Fill in the table'slong run (LR) column (f) The government subsidy increases decreases doesn't affect the profitof rice farm- ers in the long run
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