There are 300 farms in the perfectly competitive local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as whole numbers. a. What is the percentage rate of return for these 298 dairies? ( 8 percent. b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? 11 percent. c. Assuming that the normal rate of profit in the economy is 9 percent, and farms cannot copy each others' technology, will there be entry or exit? Ext Will the change in the number of farms affect the two that earn $22 for every $200 invested? Yos What will be the rate of return earned by most farms in the industry in long-run equilibrium? O percent. If farms can copy each others' technology, what will be the rate of return eventually earned by all farms? O percent.

There are 300 farms in the perfectly competitive local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as whole numbers. a. What is the percentage rate of return for these 298 dairies? ( 8 percent. b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? 11 percent. c. Assuming that the normal rate of profit in the economy is 9 percent, and farms cannot copy each others' technology, will there be entry or exit? Ext Will the change in the number of farms affect the two that earn $22 for every $200 invested? Yos What will be the rate of return earned by most farms in the industry in long-run equilibrium? O percent. If farms can copy each others' technology, what will be the rate of return eventually earned by all farms? O percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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