1 Suppose Kevin Is Operating A Cake Shop At A Perfectlycompetitive Market In South K 2442312

1- Suppose Kevin is operating a cake shop at a perfectlycompetitive market in South Korea and producingat the shutdown point.

a. Draw graphs to show and explain the price andquantity of Kevin’s cakes, as well as his profit.

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b. With the graphs drawn in response to question(a), show and explain the long-run adjustmentprocess for Kevin’s cake shop and the cakeindustry.