Sleek is one of the many firms in the market

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Reference no: EM13982172

a) Sleek is one of the many firms in the market. Question does not say anything about the type of competition. We can assume perfectly competitive market here. Following would be diagram of price, quantity and profits of firm:

B) Firm gets only normal profit in long run if competitive market exists. Then following shall be shape of curve:

c) If consumer grows more stylish , it means that consumer would go for the branded products and his demand for the product would be less elastic. Hence there will rise in price and profits of firm

Reference no: EM13982172

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