Microeconomics

Part II. Short Answers Q-2 (a). Draw a Market Demand and Market Market Firms Supply Curve, Show Equilibrium Price, and the Demand Curve of an Individual Producer's Product in a Perfectly Competitive Market. Why Price per Kilogram would you expect a single price to prevail in a perfectly competitive market? Please draw a graph to explain your answer. 1900 2003 0900 4000 5009 Quantity (kog per year) Quantity (g 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