1. Graph the referenced cost curves for a tulip growing business. 2. Calculate a tulip grower’s economic profit in the short run? 3. Utilizing the cost curve graphs, illustrate what

1. Graph the referenced cost curves for a tulip growing business. 2. Calculate a tulip grower’s economic profit in the short run? 3. Utilizing the cost curve graphs, illustrate what may happen to the economic profit of a tulip grower if the market demand for tulips increases (or shifts to the right)? 4. How does the number of tulip growers may change in the long run? 5. is the economic profit in the long run? 6. Assuming the cost curves do not change, what market price will induce the tulip growers to “shut down” in the short and long-run. 7. Explain why the tulip growers may in interested in forming a trade group or association and require new growers to be licensed.