Assume that for May 2021 the market for pimentos was under perfectcompetition with an industry price of $13.13 and quantity of 3,385 per 100unis.i.Prove, with the aid of diagrams, that in the long run firms in the pimentoindustry will be experiencing normal profit.ii.Evaluate the likely effectiveness of THREE (3) changes that will benecessary for the pimento industry to move from perfect competition tooligopoly. CommodityUnitJanuaryFebruaryМаrchАprilMayROOT CROPSCarrots97,88762,325122,18079,998119,86176,868KgKgKgKgKgKgKgKg32,43254,453Cassava77,98329,687Common Yam17,8839,81531,24841,80516,2351,90637,50657,7 8028,32126,325125,7266,4804,81819,49218,21020,413Im ported y amDasheen(Local)Dasheen(Im ported)Eddoes (Local)Eddoes (Im ported)Sweet Potatoes (Local)Sweet Potatoes (Im ported)GingerCONDIMENTS AND4.79840,67468,62536324,88729,95236,18027,25330,83516,560156,64823,58012,26327,79236,45022,7709,280KgKgKg140,389195,12165,38010,5751,9804,77028,117па11,07635,43537,54513,818SPICESCeleryChive (L)Thy me (s)Hot Peppers (1oo's)Hot Peppers (40 lb)Shadon BeniPimento (S)Bndl.16,32112,2884,4215,64036453183512,4909,1917,0782761,624Bndl.14,04556711,95117,025Bndl.562927100's1,8761,1941,225Bag1,6931,97661,2402,2352,222Bndl.48,63235,34026,37530,050100's3.5715,9104,4925,7503.385CommodityUnitJanuary February MarchАprilMayROOT CROPSCarrots10.98KgKg11.1910.9411.8610.144.676.75Cassava4.716.865.214.944.55Common YamKgKgKgKgKgKgKgKgKg7.458.227.09Imported yamDasheen(Local)Dasheen(Imported)Eddoes (Local)Eddoes (Imported)Sweet Potatoes (Local)Sweet Potatoes (Imported)GingerCONDIMENTSANDSPICESCeleryChive (L)Thyme (s)Hot Peppers (10o's)Hot Peppers (40 lb)Shadon BeniPimento (S)17.4012.5517.1524.26na9.287-7113.1211.4710.919.286.677.488.417-727.0913.6514.875-5610.029.7914.539.797.119.7815.935-565.025.906.375-557.047.046.67na29.5023.7120.0529.9427.92Bndl.27.6531.4826.7228.9570.4825.4830.7550.00Bndl.30.5645-55637.7822.6222.50Bndl.70.7060.5045.25100's33.4532.2727.1430.75BagBndl.284.7713.36196.50213.7112.8416.79207.14253-3311.5612.5713.50100's17.2913.1912.4213.125

Given information Pimentos is working under perfect competition P=$13.13 Q=3385

Commodity Unit January February Маrch April May ROOT CROPS Carrots 97,887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 119,861 76,868 16,235 1,906 37,506 57.7 80 28,321 26,325 125,726 6,480 Kg Kg Kg Kg 32,432 54,453 29,687 4,818 363 24,887 Cassava 77.983 19,492 18,210 Common Yam 20,413 Im ported y am Dasheen(Local) 4.798 Kg Kg Kg Kg Kg Kg Kg 40,674 29,952 36,180 23,580 Dasheen(Im ported) 68,625 30,835 27,253 Eddoes (Local) 12,263 9,280 27,792 Eddoes (Im ported) Sweet Potatoes (Local) 36,450 16,560 156,648 22,770 140,389 195,121 65,380 Sweet Potatoes (Im ported) 10,575 1,980 4.770 28,117 na Ginger 11,076 35.435 37,545 13,818 CONDIMENTS AND SPICES |Celery llChive (1) Bndl. 16,321 12,288 12,490 7.078 9,191 4,421 5.640 Bndl. 14.045 11.951 17.025

Commodity Unit January February Маrch April May ROOT CROPS Carrots 97,887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 119,861 76,868 16,235 1,906 37,506 57.7 80 28,321 26,325 125,726 6,480 Kg Kg Kg Kg 32,432 54,453 29,687 4,818 363 24,887 Cassava 77.983 19,492 18,210 Common Yam 20,413 Im ported y am Dasheen(Local) 4.798 Kg Kg Kg Kg Kg Kg Kg 40,674 29,952 36,180 23,580 Dasheen(Im ported) 68,625 30,835 27,253 Eddoes (Local) 12,263 9,280 27,792 Eddoes (Im ported) Sweet Potatoes (Local) 36,450 16,560 156,648 22,770 140,389 195,121 65,380 Sweet Potatoes (Im ported) 10,575 1,980 4.770 28,117 na Ginger 11,076 35.435 37,545 13,818 CONDIMENTS AND SPICES |Celery llChive (1) Bndl. 16,321 12,288 12,490 7.078 9,191 4,421 5.640 Bndl. 14.045 11.951 17.025

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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