2., Consider the market for wheat, which is approximately perfectly competitive. The d.) How much profit will wheat famms earn when this market is in long-run equilibrium? Why? average total cost of the typical wheat farm is ATC(Q) = +Q, its average variable cost is AVC(Q) = Q, and its marginal cost is MC(Q) = 2Q. Suppose that there are currently 500 active wheat farms in the market, and the market demand curve is given by pD = 20 -0°. 1000 a.) What is the short-run market supply curve in this market? e.) Calculate the number of wheat farms that will be active in the long-run equilibrium of this market. b.) Compute the short-run competitive equilibrium in this market. c.) Compute the profit or loss of the individual wheat farms in the short-run competitive equilibrium.

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.