• In 2019, U.S. meatpackers had been exporting large amounts of meat (chicken, pork, and beef) to China.
• However, the coronavirus (Covid-19) outbreak in January and February 2020 has significantly reduced demand for U.S. meat exports.
• For this analysis, assume the meatpacking industry isperfectly competitive, demand is downward sloping, supply is upward sloping, and production technology results in traditional U-shapedATCandAVCcurves.
• market price isalwaysgreater than the minimum of theAVCcurve.

what is the impact of the emergence of the coronavirus (Covid-19).Assume the epidemicsignificantly reduces the demand for meat only and that there are no changes to the supply of meat.

• graphically depict any changes in the marketplace and any changes that impact the individual firm.
• Show the movements of the curves (if any) and the new Short Run Equilibrium (SRE).
• Indicate the new market equilibrium P₁and Q₁, the optimal output of an individual firm representative of the other firms in the industry at this SRE (labeled as q₁), and the individual firm's profit, if any (shaded and clearly labeled).
• Provide a brief narrative explaining the movements and the resulting change in an individual firm's profit, if any.Please make sure you address the changes in the market equilibrium quantityQ, market priceP, and the individual firm's profit maximizing quantityq, if any.
• Reminder: be sure to label all relevant points and axes.