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ECO - It is estimated that the US has over 2 million farmers that produce potatoes

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Question;1. It is estimated that the US has over 2 million farmers that produce potatoes. In an effort to understand the potato market, data on prices and quantities (in millions) of 50 lb. potato bags were obtained and tabulated. The table below contains the results.P Qd Qs6 800 15005 1000 13504 1200 12003 1400 1000Farmer John provided the information below asking to help them evaluate their operating conditions.Farmer JohnQ TC0 100005000 1500010000 2800015000 4300020000 6300025000 88000(i) Determine the market structure of the potato industry.(ii) Determine the profit maximizing or loss minimizing quantities and prices for farmer John.(iii) Do you think that these farmers will survive or shut down in the short run?(iv) Show supporting computations and graphs.

 

Paper#55985 | Written in 18-Jul-2015

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