Explain the price and quantity of kevin cakes

Reference no: EM131779145

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

a. Draw graphs to show and explain the price and quantity 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.

Reference no: EM131779145

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