Solution-Canadian farmer is relegated to role of a

Canadian farmer is relegated to role of a price-taker

Reference no: EM131502326

1. A Canadian farm family is growing "rapeseed," also referred to as canola, which will be processed into canola oil and shipped to US markets where fast-food restaurants and consumers are using vast quantities of the product. Canadian farmers generally operate in a perfectly competitive market.

a. Explain the concept of a "price-taker" and how a Canadian farmer is relegated to the role of a price-taker.

b. Explain how a canola farm family perceives the demand curve for their product given their role as price-takers.

c. Explain why a profit-maximizing farm family would have a supply curve that was identical to the marginal cost curve of the operation.

Reference no: EM131502326

Questions Cloud

Discuss the methodology associated with cross-cultural : Analyze the relationship between cultural and cross-cultural psychology.Discuss the methodology associated with cross-cultural research.

Job seeker or the potential employer : Who has more information in the job market: the job seeker or the potential employer?

Exposure assessment-extent of human exposure to toxicants : Exposure assessment-extent of human exposure to toxicants. Dose-response assessment-exposure vs probability of health effects.

Draft a letter to a specific legislator : Draft a letter to a specific legislator and offer support or constructive argument against pending policy or legislation.

Canadian farmer is relegated to role of a price-taker : Explain the concept of a "price-taker" and how a Canadian farmer is relegated to the role of a price-taker.

In the realm of decision making what are assumptions : Describe at least 3 criteria that would determine whether the manager is making good decisions. In the realm of decision making, what are assumptions?

Identify five products that use soft magnetic materials : Identify 5 products that use soft magnetic materials. Design an experiment to measure the Young's modulus of a material without using tensile tester.

Analyse the characteristics and leadership style : BM303 Contemporary Leadership Individual Assignment: Case Study Essay. analyse the characteristics and leadership style a prominent business leader

Identify a minimum of three different natural phenomena : How would this technology directly impact the economies of those countries that have the technology versus those countries that do not?

User Account

All Pages

Canadian farmer is relegated to role of a price-taker

Reference no: EM131502326

Reference no: EM131502326

Questions Cloud

Reviews

Write a Review

Physics Questions & Answers

Find the magnitude of the resulting magnetic field

Find the equivalent resistance

What is the electric field at the location

What is the maximum displacement of the bridge deck

What is the magnitude of the current in the wire

Blackbody

Gravity conveyor

Calculate the dc voltage

Quadrupole moments in the shell model

Determine the tension in each string

Introductory mechanics: dynamics

Evaluate maximum altitude

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT