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

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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.

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.