*Suppose that the development of a new droughtresistanthybrid seed corn leads to a 50 percent increase in the averageyield per acre without increasing the cost to the farmers who usethe new technology. If the producers in the corn production industrywere price takers, what would happen to the following?a. the price of cornb. the profitability of corn farmers who quickly adopt thenew technologyc. the profitability of corn farmers who are slow to adopt thenew technologyd. the price of soybeans, a substitute product for corn

Q: Assume the firm can sell its product for $14 each. TR VC AVC TC АТС MC - $2000 100 $1400 $600 $2600…

A: Given  The price = $14 Q TR VC AVC TC ATC MC 0       $2000     100 $1400 $600 $6 $2600 $26 $6…

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A: Hi thanks for the question. Since there are multiple subparts in the question, we will answer for…

Q: d) Hybrid car market is an example of a perfectly competitive market.

A: d.) Perfectly competitive market: - it is a market condition where there are many buyers and many…

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A: "Since you have asked multiple parts, we will answer only first two parts for you. If you want other…

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A: Given the price is $1200 Quantity at this price is 130 units ATC = Price = 1200

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A: In a competitive form there are large number of firms selling identical products thus having no…

Q: 3. The figure below shows short run cost and revenue curves firm. Price and cost per unit MC £5 ATC…

A: 3) The curve shows the demand and MR curves along with the cost curves.

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A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Quantity of Apples (bushels) VC 0 $0 1 $40 2 $70 3 $80 4 $130 5 $190 6 $260 7 $340 8 $430 Reference:…

A: Consider the following equations: The following table shows VC, FC, TC, MC and AC:

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A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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Q: Σ 市 T F. apter 12 Saved Help Assume that the most efficient production technology available for…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

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A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: Variable cost = (0.4 + Q)Q Marginal Cost = 2Q + 0.4 Fixed cost = 1 Total cost = 1 + 0.4Q + Q2…

A: A perfectly competitive firm produces at P=MC in the short run.  And  P=MC above the minimum value…

Q: 3 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive…

A: Variable cost are the costs that proportionally change with the changes in the activity base such as…

Q: Price (Rials NC ATC per unit MC ATC ANCAVC 5 10 15 16 15 6 22 In the above figure, at a price of RO…

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Q: Do all part to both question 1 and question 2 Question 1 (Q is quantity of production) TFC TVC TC…

A: Since the question has multiple sub-parts, we will solve first three sub parts for you. Repost the…

Q: M/c question - Micro 23) When a firm in a competitive market receives $5000 in total revenue, it…

A: "Since you have asked multiple questions, we will solve first question for you .If you want specific…

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A: Perfect competition market is the market where large firms sell the homogenous product to the large…

Q: Question attached

A: In perfect competetion,Profit maximization is achieved when P=MCA shut down situation is one in…

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A: For a perfectly competitive firm MR=MC=P.

Q: $/4 MC 6.70 6.00 ATC 4.90 4.00 AVC d = MR 2.80 2.60 6 8 12 14 If the price-taker firm in Figure 9-16…

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A: The firm maximizes profit by producing at a point where price is equal to marginal cost

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A: Perfect competition is a market structure characterized by a large number of buyers and sellers and…

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Q: Price, MR, AR, Costs MC in Dollars ATC $7.00 AVC $6.00 D (AR) The total maximum economic profit in…

A: Option (d) is correct.

Q: t Defender Advanced Threa 3) Consider the following short-run cost curves for a profit-maximizing…

A: In perfectly competitive market, Price is constant. Firms produce identical goods that implies firms…