Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Derive the market supply curve

What will be an ideal response?


For each MC = 2q and AVC = q. Thus MC > AVC for all levels of output. The firm sets p = 2q or q = 0.5p. Since there are 1000 firms each producing q, market supply equals Q = 500p.

Economics

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A country in which a significant fraction of domestic production takes place in foreign-owned factories and facilities is most likely a country where

A) GNP is much larger than GDP. B) GDP is much larger than GNP. C) GDP is not comparable to GDP. D) GDP is equal to GNP.

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Have redistribution programs decreased poverty since 1968? Discuss the role of program administrators and their bureaus in explaining your answer

What will be an ideal response?

Economics

The world price of cotton is the highest price of cotton observed anywhere in the world

a. True b. False Indicate whether the statement is true or false

Economics