draw the graphics.

1. Heirloom Gardens is a typical profit-maximizing firm that produces and sells tomatoes in a constant-cost, perfectly competitive market that is in long-run equilibrium. (a) Draw correctly labeled side-by-side graphs for the tomato market and for Heirloom Gardens and show each (i) The market equilibrium price and quantity. labeled PM and QM, respectively of the following. (ii) The profit-maximizing price and quantity for Heirloom Gardens, labeled PF and QF, respectively (iii) The average total cost curve consistent with a long-run equilibrium, labeled ATC (b) Suppose the government imposes a binding price floor in the market for tomatoes. (i) Will this price floor benefit all tomato farmers? Explain. (ii) Will consumer surplus increase, decrease, or stay the same? Explain. (c) Suppose that the government does not impose the price floor referred to in part (b) and that there is now an increase in consumers' incomes and tomatoes are a normal good. On your graphs in part (a), show each of the following. (i) The short-run effect of the increase in consumers' incomes on the market equilibrium price and quantity of tomatoes, labeled P2 and Q2, respectively (ii) The short-run profit-maximizing quantity for Heirloom Gardens, labeled Q (iii) The area representing Heirloom Gardens' economic profit, shaded completely (d) Given the increase in consumers' incomes in part (c), what will happen to the market equilibrium price and quantity of tomatoes in the long run? Explain