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1. Suppose that wheat producers throughout the Midwestern United States experience unusually good weather and so produce a larger than normal harvest. Explain using a diagram what effect this harvest will have on Canadian wheat farmers?
2. Consider the perfectly competitive Corn industry. It is initially in long run equilibrium at quantity Q0 and price P0.
a) Draw a supply and demand diagram for the Corn market showing this equilibrium.
b) Draw a diagram for a typical firm in its initial long run equilibrium, showing its Marginal Cost, Average Total Cost, and Long Run Average Cost curves. Are any profits being made by this firm?
c) A major use for Corn in Canada and the United States is to produce ethanol for use as a gasoline additive. Suppose that a new technology allows for the production of ethanol from trees, which is MUCH more efficient than producing ethanol from Corn. What happens to your diagram in part (a)? Use your diagram from part (b) to show how the firm reacts to this new situation. Are any profits being made by this firm?
d) Explain how this industry adjusts to its new long run equilibrium using both the diagrams from parts (a) and (b). (You may assume that it is a constant cost industry)
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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