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

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[Firms and Industries Changing Over Time—The Rise and Fall ofIndustries] NYC Apartments is a real estate broker that matchespeople who want to buy in New York City with people who want tosell there. Assume for the purposes of this question that themarket for real estate brokerage in New York City is perfectlycompetitive.
(a) Suppose this market starts in long-run equilibrium. Pleasedepict this equilibrium by drawing two diagrams side by side, onefor the firm and one for the market. Please label all axes, curves,and intersections.
(b) Covid pandemic makes living in suburban areas relativelymore desirable compared to New York City. As a result, demand forbrokerage services decreases permanently. Please show the short-runeffect of this change on your diagrams from part (a). In the shortrun, what would happen 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 toNYC Apartment’s production and profits as the industry adjusts inthe long run.