5. [Firms and Industries Changing Over Time—The Rise and Fall of Industries] NYC Apartments is a real estate broker that

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5. [Firms and Industries Changing Over Time—The Rise and Fall ofIndustries] NYCApartments is a real estate broker that matches people who want tobuy in New York City with people who want to sell there. Assume forthe purposes of this question that the market for realestate brokerage in New York City is perfectly competitive.
(a) Suppose this market starts in long-run equilibrium. Pleasedepict this equilibrium by drawingtwo diagrams side by side, one for the firm and one for the market.Please label all axes,curves, and intersections.
(b) Covid pandemic makes living in suburban areas relatively moredesirable compared to NewYork City. As a result, demand for brokerage services decreasespermanently. Please show theshort-run effect of this change on your diagrams from part (a). Inthe short run, what wouldhappen to the NYC Apartment’s profits?
(c) Please explain and show graphically what happens to thismarket in the long run. In addition,discuss what will happen to NYC Apartment’s production and profitsas the industry adjusts inthe long run