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Economics

Discussing the short run cost curves and output for a firm in perfectly competitive industry under different scenarios.

The agricultural market for corn usually can be characterized as a purely competitive industry. How might the following events affect the shot-run cost curves and output for a firm in the industry?

a) A reduction in the cost of fertilizer that is sold to corn farmers.

b) The market price of corn falls.

c) Suppose that the farmer now markets his corn as a special blend which is different than all of the other corn offered for sale in the marketplace. describe how would this action change the farmer's price curves and/or demand and marginal revenue curves?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M923144

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