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56. Agriculture in india is mostly characterized by
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- 4. Examine the behavior of perfect competitive markets. How are prices determined in competitive markets? How does competition affect the profits of a firm or industry? What does society gain from market competition?2. If pure competition is not an adequate representation of the economic model that underlies farming in the Philippines, why do the assumptions of pure competition continue to be important to agricultural economists?Explain with examples: Perfectly competitive market is beneficial for the consumer in a nation.
- 6. Which of the following examples comes closest to a perfectly competitive market?a. medical equipment producersb. cleaning supplies manufacturersc. agricultural commodities marketd. furniture suppliers(A) what price will prevail in this market? (B) what quantity is produced? (C) how much profit(loss) does each firm make? (D) what happen to the price of two more identical firms enter the market?3 examples of perfectly competitive markets and dose these firms profit in long run or short run
- The Weinandt Family Farm in Wynot, NE raises livestock and grows crops. Commonly grown crops in Nebraska are corn and soybeans. Suppose you are helping a farm similar to the Weinandt Farm make decisions about how much corn to grow this year. As an agricultural product, the market for corn meets the requirements of a perfectly competitive market. A) Using the market data provided, create a market supply and demand graph. B) What are the market equilibrium price and quantity? C) Using the firm cost and quantity data, find FC, VC, ATC, AFC, AVC, and MC. Graph ATC, AFC, AVC, and MC. D) Based on your answers in part c, between which quantities is ATC minimized? E) Based on your answers in part c, between which quantities should the farm aim to produce? F) Using the lower of these two quantities, caculate TR, TR, and the firm’s economic profit or loss. G) Will the farm decide to grow corn or leave the fields bare? explain your answer H) Will farms enter this market, leave the market, or…The Weinandt Family Farm in Wynot, NE raises livestock and grows crops. Commonly grown crops in Nebraska are corn and soybeans. Suppose you are helping a farm similar to the Weinandt Farm make decisions about how much corn to grow this year. As an agricultural product, the market for corn meets the requirements of a perfectly competitive market. A) Using the market data provided, create a market supply and demand graph. B) What are the market equilibrium price and quantity? C) Using the firm cost and quantity data, find FC, VC, ATC, AFC, AVC, and MC. Graph ATC, AFC, AVC, and MC. D) Based on your answers in part c, between which quantities is ATC minimized? E) Based on your answers in part c, between which quantities should the farm aim to produce? F) Using the lower of these two quantities, caculate TR, TR, and the firm’s economic profit or loss. G) Will the farm decide to grow corn or leave the fields bare? explain your answer H) Will farms enter this market, leave the market, or…1. Write a sentence or two defining the following terms in your own words. Give examples of each. y. Market Equilibrium Point z. Market System