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The international demand and supply functions in the corn industry are:

P = 5 - 0.0000006Q, and P = 2 + 0.0000004Q.

P is the price per bushel and Q the number of bushels in millions.

At what price can a wheat farmer sell her corn?
What will be the total industry output of corn?

Suppose there are 1,000 small farms in this industry. What will be the output per farm?
How much revenue will each farm earn?

If in fact the revenues are sufficiently high to yield handsome profits, how might competition change the happy situation?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9490991

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