I'd like help on all questions Assume soybeans are produced by a perfectly competitive,constant-cost industry. Fresh Farm is a typical firm producingsoybeans and is currently operating with an economic loss.a. Using a correctly labeled graph for Fresh Farm, showeach of the following in the short run.i. The marginal cost curve and average total cost,labeled MC and ATC, respectivelyii. Fresh Farm's price and loss-minimizing quantity,labeled PF and QF, respectivelyiii. The average variable cost curve, labeled AVCb. Suppose that newspapers have recently reported thatexcessive soybean consumption can cause healthproblems. As a result, will the new loss-minimizingquantity for Fresh Farm be greater than, less than, orequal to QF in the short run? Explain.c. Is the long-run market supply for soybeans perfectlyinelastic, relatively inelastic, unit elastic, relativelyelastic, or perfectly elastic?d. Assume now that the soybean market is in a long-runequilibrium and that fertilizers used in soybeanproduction cause water pollution. Using a correctlylabeled graph for the soybean market, show each of thefollowing.I. Market equilibrium quantity and price, labeledQM and PMII. Marginal social cost curve, labeled MSCIII. Socially optimal quantity, labeled QsIV. The area representing deadweight loss, shadedcompletely

(Note: Since there are multiple parts, only the first three have been solved). In case of perfect…

a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled PF and QF, respectively iii. The average variable cost curve, labeled AVC

a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled PF and QF, respectively iii. The average variable cost curve, labeled AVC

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 5E

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Assume soybeans are produced by a perfectly competitive, constant cost industry. Fresh Fam is a typical frm producing soybeans and is cumently operating with an economic loss. a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled P; and Q, respectively. iii. The average variable cost curve, labeled AVC b. Suppose that newspapers have recently reported that excessive soybean consumption can cause health problems. As a resut, wil the new loss-minimizing quanty for Fresh Fam be grester than less than, ar equa to Op in the short run? Explain. c. Is the long-run market supply for soybeans perfectly inelastic, relatively inelastic, unit elastic, relatively elastic, or perfecty elastic? d. Assume now that the soybean market is in a long-run equilibrium and that fertilizers used in soybean…
Assume soybeans are produced by a perfectly competitive, constant cost industry. Fresh Fam is a typical frm producing soybeans and is cumently operating with an economic loss. a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run i The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled P; and Q, respectively The average variable cost curve, labeled AVC b. Suppose that newspapers have recently reported that excessive soybean consumption can cause health problems. As a resut, wil the new loss-minimizing quanty for Fresh Fam be grester than less than, ar equa to Op in the short run? Explain. c. Is the long-run market supply for soybeans perfectly inelastic, relatively inelastic, unit elastic, relatively elastic, or perfecty elastic? d. Assume now that the soybean market is in a long-run equilibrium and that fertilizerS used in soybean production cause water…
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