Why did tomato fest suffer an economic loss

Reference no: EM13219815

Fierce storms in October 2004 caused Tomato Fest Organic Heirlooms Farm to end its tomato harvest two weeks early. According to Gary Ibsen, a partner in this small business (Carolyn said, "Tomatoes in Trouble," San Francisco Chronicle, October 29, 2004, C1, C2), Tomato Fest lost about 20,000 pounds of tomatoes that would have sold for about $38,000; however, because he did not have to hire pickers and rent trucks during these two weeks, his net loss was about $20,000. In calculating the revenue loss, he used the post-storm price, which was double the pre-storm price. Did Tomato Fest suffer an economic loss? What extra information (if any) do you need to answer this question?

Reference no: EM13219815

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