How might competition change the happy situation

Assignment Help Econometrics

Reference no: EM13200947

The international demand and supply functions in the corn industry are:

P = 5 - 0.0000006Q, and P = 2 + 0.0000004Q.

P is the price per bushel and Q the number of bushels in millions.

At what price can a wheat farmer sell her corn?
What will be the total industry output of corn?

Suppose there are 1,000 small farms in this industry. What will be the output per farm?
How much revenue will each farm earn?

If in fact the revenues are sufficiently high to yield handsome profits, how might competition change the happy situation?

Reference no: EM13200947

Questions Cloud

How many coins of each kind does she have : Rita has a collection of 114 coins consisting of nickels, dimes, and quarters. The number of dimes is 4 more than one-third the number of nickels, and the number of quarters is twice the number of dimes. How many coins of each kind does she have?

How many bushels will the farmer produce to maximize profit : Since price-takers cannot charge their own price, they can select a quantity which suits them best. Presumably, they would select the profit-maximizing quantity. Suppose the typical wheat farmer's cost function is TC = 100,000 + 2Q + 0.005Q2 , Q co..

Find how far does each drive each day : while commuting to work in orlando,florida.marcia drives one-half the distance that melissa drives each day john drives 17 miles more than melissa each day.in one day.these three people drive 112 miles communiting to work.

Find the financial statements : Find the financial statements for the two most recent years for a publically traded company in the movie rental industry and discuss the nature and strength of each of the Five Forces in the current environment. Conclude whether the force is favora..

How might competition change the happy situation : Suppose there are 1,000 small farms in this industry. What will be the output per farm How much revenue will each farm earn If in fact the revenues are sufficiently high to yield handsome profits, how might competition change the happy situation

Evaluate of the average cost of gasoline each year : The line represents an estimate of the average cost of gasoline each year. The line estimates the price of gasoline in January of each year

Explain thomas malthus’s gloomy predictions for the future : Thomas Malthus’s gloomy predictions for the future of humanity led ‘economies’ to be called a ‘dismal science’. Show either through the mathematics of production functions or intuitively.

State how many pounds of cashews : The mix is to sell for $3.30 per pound. How many pounds of peanuts and how many pounds of cashews should be used to make 100 pounds of the mix?

Conflict between npv and irr : Calculate NPV, IRR, MIRR, payback, and discounted payback for each project and why is there a conflict between NPV andIRR?

User Account

All Pages