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- The oversupply of bananas in Mexico, which is recorded in the months of September and October, causes prices to farmers to be reduced by up to 50 percent below the cost of production, said Adrián Prats, president of the banana product system at the national. "It is a critical situation, we are selling the fruit below the cost of production, which is when it really impacts the producer, since he has to continue maintaining his plantations healthy and vigorous and that costs. We have to invest in it, even though the price is not giving to pay, even, the costs", explained Prats. The above causes: a. By decreasing the price of bananas, marginal income decreases and therefore, production must be increased (T/F) _________ b. By lowering the price, the company will have to take care of its costs. To avoid leaving the market, the producer must ensure that, at least, the average variable costs (T/F) _______ are covered c. It is recommended that a banana producer who invests in keeping his…Say whether the following statement makes Good Economic Sense, is Complete Economic Nonsense, or is Somewhere In Between: “The products for which demand is the greatest will also be the products that are the most profitable to produce.”The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?
- What are the main characteristics of a lean supply system?Does a change in technology lead to a shift in the demand curve? Why, or why not? Your answer cannot exceed 100 words.Many countries are predominantly agricultural. how would changes in the supply of fertilizer affect the marginal product, and thus the income, of farmers in such countries?
- In what sense is a competitive equilibrium a good or bad thing for a given economy?In what direction does the supply curve shift when technology is improved? Draw this curve.The cost of production of a good can increase, which will cause profits to decrease. Will it cause the supply curve to increase or decrease?
