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Recession takes a bite out of gator profits

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There's an article in the 9th Edition of Microeconomics for Today by Irvin B. Tucker called "Recession Takes a Bite Out of Gator Profits". I need to understand how to draw short=run firm and industry competitive equilibriums for a perfectly competitive gator-farming industry before the number of alligator farms in Florida doubled. I am to assume the gator farm is earning zero economic profit. Then show the short-run effect of an increase in demand for alligators. In addition I a to assume that gator farming is perfectly competitive, explain the long run competitive equilibrium condition for the typical gator farmer and the industry as a whole.

Reference no: EM131597828

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