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There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested What is their percentage rate of return?

The other two dairies have a cost sturcture that generates profits of $22 for every $200 invested. Will the chnage in the number of firms affect the two that earn $22 for $200 invested?

What will be the rate of return earned by most firms in the industry in long-run equillibrium?

If firms can copy each other's technology, what will be the rate of return eventually by all firms?

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Microeconomics, Economics

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