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The firm Lemonita Farm is a typical producer of lemons earning normal profits in a perfectly competitive market. (a) Draw two correctly and completely labeled

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The firm Lemonita Farm is a typical producer of lemons earning normal profits in a perfectly competitive market. (a) Draw two correctly and completely labeled graphs, one for the lemon market and one for Lemonita Farm, showing: (i) the equilibrium market price for lemons, labeled Pm (ii) the equilibrium market quantity for lemons, labeled Qm (iii) the equilibrium quantity for lemons from Lemonita Farm, labeled Of (iv) the average total cost curve for Lemonita Farm, labeled ATC (b) Several weeks of freezing weather destroy lemon trees across the region. (i) On your market graph from part (a), draw the new supply curve for lemons and label it S1. (ii) On your market graph from part (a), label the new equilibrium price as Pm, and the new equilibrium quantity Qm1

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