Describe the diversity in the agriculture industry as it relates to farm commodities
What will be an ideal response?
The industry includes cattle ranches, feedlots, farms that grow cash crops (corn, wheat, soybeans, potatoes, cotton, and rice), fruit orchards and fields, dairy farms, pig and hog facilities, sugar plantations, and other types of agricultural businesses that produce farm commodities.
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Explain why any firm must generate enough revenue to cover its variable costs in the short run
What will be an ideal response?
Explain why a government would impose an import tariff when domestic consumers suffer more than producers gain
What will be an ideal response?
Jerome, the florist, sold 500 bridesmaid's bouquets in June. He estimates his costs that month were ATC = $10, AVC = $6, and MC = $9 . If he sold each bouquet at the constant market price of $9, Jerome:
a. made an economic profit of $500. b. made a loss of $500. c. made an economic profit of $1,500. d. made a loss of $1,500. e. should have shut down in June.
If Apple Computer Corporation constitutes a sizeable share of your current stock holdings, the purchase of which of the following stocks would provide you with the greatest reduction in risk?
A) Hewlett Packard B) Dell Computer Corporation C) McDonalds D) Gateway