Microeconomics

Part II. Short Answers Q-2 (a). Draw a Market Demand and Market Markint Firm Supply Curve, Show Equilibrium Price, and the Demand Curve of an Individual Producer's Product in a Perfectly Competitive Market. Why Price per Kilogram SE would you expect a single price to prevail in a perfectly competitive market? Please draw a graph to explain your answer. 0600 2000 3060 4500 5060 Quantity (kg per year) Quantity (kg per year) Q-2 (b). What effect does an excise tax have on equilibrium price and quantity? Please draw a graph to explain your answer. Price Quantity 000