I'd like help on all questions Assume soybeans are produced by a perfectly competitive,constant-cost industry. Fresh Farm is a typical firm producingsoybeans and is currently operating with an economic loss.a. Using a correctly labeled graph for Fresh Farm, showeach of the following in the short run.i. The marginal cost curve and average total cost,labeled MC and ATC, respectivelyii. Fresh Farm's price and loss-minimizing quantity,labeled PF and QF, respectivelyiii. The average variable cost curve, labeled AVCb. Suppose that newspapers have recently reported thatexcessive soybean consumption can cause healthproblems. As a result, will the new loss-minimizingquantity for Fresh Farm be greater than, less than, orequal to QF in the short run? Explain.c. Is the long-run market supply for soybeans perfectlyinelastic, relatively inelastic, unit elastic, relativelyelastic, or perfectly elastic?d. Assume now that the soybean market is in a long-runequilibrium and that fertilizers used in soybeanproduction cause water pollution. Using a correctlylabeled graph for the soybean market, show each of thefollowing.I. Market equilibrium quantity and price, labeledQM and PMII. Marginal social cost curve, labeled MSCIII. Socially optimal quantity, labeled QsIV. The area representing deadweight loss, shadedcompletely

(Note: Since there are multiple parts, only the first three have been solved). In case of perfect…

a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled PF and QF, respectively iii. The average variable cost curve, labeled AVC

a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled PF and QF, respectively iii. The average variable cost curve, labeled AVC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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