Suppose the book-printing industry is competitive and begins in a long-runequilibrium.a. Draw a diagram showing the average total cost, marginal cost, marginal revenue,and supply curve of the typical firm in the industry.b. Hi-Tech Printing Company invents a new process that sharply reduces the cost ofprinting books. What happens to Hi-Tech’s profits and to the price of books in theshort run when Hi-Tech’s patent prevents other firms from using the new technology?c. What happens in the long run when the patent expires and other firms are free touse the technology?

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