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QuestionSuppose Ralph and Ed have the only store that sells toilet bowls in northern Maine. Their nearestcompetitor is 211 miles away, and these two men have a reputation for producing high-qualitytoilet bowls. Graphically illustrate what the market for toilet bowls will look like for Ralph andEd. Shade in the area of profit for Ralph and Ed and label the profit maximizing price (Pe) andquantity (Qe).Then, suppose a new federal law is passed that forces all toilet bowl manufacturers to installdevices that reduce the amount of water used per flush. Using a second graph, illustrate andexplain what impact this new law will have on Ralph and Ed. Shade in the new area of profit for