Describe the maple syrup market and the cost

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Maple-syrup makers strike gold Sugaring season in Vermont is going full blast. Vermont, the biggest U.S. syrup producer, produces about 500,000 gallons a year. In 2007, maple syrup cost an average of $35 a gallon; this year, the price is $45 a gallon. Canada is usually a huge producer, but with a poor season it has seen a 30 percent drop in production. As consumers turn to natural and organic products and buy locally made food, demand for maple syrup has rocketed.

Draw a graph to describe the maple syrup market and the cost and revenue of one firm in 2007, assuming that all firms are making zero economic profit.

Reference no: EM131298051

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