The accompanying graphs represent the market for soybeans, a perfectly (purely) competitive market, and Roy's Soys, an individual firm in the market for soybeans. The market and the firm are currently in long-run equilibrium at point A. 1. Show what happens in the short run on both graphs when a new medical study shows soybeans to be highly carcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price 2 to draw a new price line for the firm. On both graphs, indicate the new equilibrium point with point B. 2. Now, show the changes that get both graphs back to long-run equilibrium. Use shift(s) for the market and Price 3 for the firm. Indicate the new long-run equilibrium with point Soybean market 20 B 20 Price 2 B Roy's Soys Price 3 19 . Short-run supply 19 Marginal cost 18 18 17 17 16 10 16 15 15 14 14 13 13 12 12 Price ($) ค. 11 11 10 A Long-run supply 810 Average total cost Price 9 8 7 6 5 5 8 7 7 b 5 5 4 3 4 3 3 2 Demand 2 1 1 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (millions of bushels) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (hundreds of bushels)

The accompanying graphs represent the market for soybeans, a perfectly (purely) competitive market, and Roy's Soys, an individual firm in the market for soybeans. The market and the firm are currently in long-run equilibrium at point A. 1. Show what happens in the short run on both graphs when a new medical study shows soybeans to be highly carcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price 2 to draw a new price line for the firm. On both graphs, indicate the new equilibrium point with point B. 2. Now, show the changes that get both graphs back to long-run equilibrium. Use shift(s) for the market and Price 3 for the firm. Indicate the new long-run equilibrium with point Soybean market 20 B 20 Price 2 B Roy's Soys Price 3 19 . Short-run supply 19 Marginal cost 18 18 17 17 16 10 16 15 15 14 14 13 13 12 12 Price ($) ค. 11 11 10 A Long-run supply 810 Average total cost Price 9 8 7 6 5 5 8 7 7 b 5 5 4 3 4 3 3 2 Demand 2 1 1 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (millions of bushels) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (hundreds of bushels)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.

Question

Note: don't use any ai bots.

The accompanying graphs represent the market for soybeans, a perfectly (purely) competitive market, and
Roy's Soys, an individual firm in the market for soybeans. The market and the firm are currently in long-run
equilibrium at point A.
1. Show what happens in the short run on both graphs when a new medical study shows soybeans to be
highly carcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price 2
to draw a new price line for the firm. On both graphs, indicate the new equilibrium point with point B.
2. Now, show the changes that get both graphs back to long-run equilibrium. Use shift(s) for the market and
Price 3 for the firm. Indicate the new long-run equilibrium with point
Soybean market
20
20
B
C
Price 2
19
•
Short-run supply
19
B
•
Roy's Soys
Price 3
Marginal cost
18
18
17
17
17
16
16
16
15
15
15
14
14
14
14
13
13
19
12
12
12
12
11
11
10
A
Long-run supply
10
A
Average total cost
Price
9
9
8
7
7
6
5
2
1
0
Demand
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Quantity (millions of bushels)
5
4
3
2
2
1
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Quantity (hundreds of bushels)

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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