Start with a model of the situation before the crisis in Ukraine. Draw a model of a representative individual firm in the market for wheat, i.e. an Australian wheat farmer who is a price-taker in the global market for wheat, in long-run equilibrium. Comment on the assumed market structure. Show and explain the amount of wheat the farmer will produce to the market, and explain revenue, costs and profits
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a) Start with a model of the situation before the crisis in Ukraine. Draw a model of a representative individual firm in the market for wheat, i.e. an Australian wheat farmer who is a price-taker in the global market for wheat, in long-run equilibrium. Comment on the assumed market structure. Show and explain the amount of wheat the farmer will produce to the market, and explain revenue, costs and profits.
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- **Practice** Consider a profit-maximizing multinational pharmaceutical company that uses a rare plant to produce expensive drugs. That plant cannot be farmed; it only grows naturally in tropical forests of a poor country, and is hard to find. The company hires local inhabitants search for, and gather, these plants. The amount of plants found depends on worker effort but also luck (there may be no plants in the area they look; or they may be sick on some days andthus less effective at plant gathering, even if they search all day). It is very expensive for the firm to observe worker effort, as that would require hiring additional workers to monitor the plant gatherers, and these workers would have to be well-paid so that they couldn’t be easily bribed. Which of the following statements are correct?(I) If the multinational offers a fixed monthly compensation to the plant gatherers (that is, the same amount of money regardless of how many plants they deliver), that might generate a moral…Characteristics of competitive markets The competitive market model depends on the following three core assumptions: 1. There must be many buyers and sellers—a few players can't dominate the market. 2. Firms must produce an identical product—buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario Is the market competitive? There are thousands of ninth and tenth graders in need of geometry tutoring services in Chicago. Of the twenty or so companies in town currently…You work for a Nova Scotia Company trying to successfully enter the cranberry market in Australia. What is the difference in how business is conducted in the entry country (Australia) versus Canada? Special attention should be given to ethics, formality, and communication styles including negotiations
- Suppose you run an independent trucking business. You own a tractor trailer for hire. You work with a broker who offers you business to transport various cargos from one location to another. You can choose to take a particular job at the price offered or not. The broker works with many similar truckers. Now suppose that the economy improves as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run, in terms of the market price, output of an individual firm, and market equilibrium quantity? What impact will this have on the firm’s profits? What impact will the increase in manufacturing output have in the long run on each of these variables?Explain why firms would or would not worry about future competition in each market. Explain how this would impact each firms profits.NEWS WIRE: COMPETITIVE PRESSURE The T-Shirt Business: Too Much Competition At first blush, the T-shirt business looks like a sure thing. All you need is a bunch of blank T-shirts, a wall full of jazzy transfers, and a heat press. You can buy blank shirts for as little as $1.60 apiece and stock transfers for $1.50 a shot. That's a $3.10 investment. Sell the shirt for $15 and you've got a nice, fat profit margin. What could be easier? The trouble is that everyone knows the formula. In fact there are dozens of websites that offer not only the necessary supplies, but also sage advice on how to set up your T-shirt shop, either online or in a real store. They all promise you can get rich selling T-shirts. T-shirt shop owners aren't so sanguine about getting rich. Quite simply, there are far too many T-shirt shops and online outlets. The competition is fierce. So T-shirt shops have to battle for customers every day. As a shop owner in South Padre Island lamented, "Every day you have…
- Suppose that you are a cattle rancher. You are deciding when to take your cattle to market to sell. You currently have a herd of 100 cattle. Each cow currently weighs 650 pounds and is gaining 50 pounds per month. Your feed costs are $40 per month per cow. Cattle prices are currently $8 per pound, but have been falling at the rate of $0.10 per month. If you are maximizing profits, how many months from now should you sell your cows?Why is the perfect competition often used as a benchmark? Question 3 options: The perfect competition model is more frequently observed in the real world compared to other market models It provides a useful comparison to markets that operate in more complex, real-world conditions. It accounts for a variety of issues like pollution, inventions of new technology, poverty, and government programs that other models do not account for. In the real world, all markets are perfectly competitive, so this model allows us to compare them to one another.The pandemic has resulted in many airlines filing for bankruptcy affecting the market structure of the industry. With the aid of relevant diagrams, discuss the emergent market structure and related economic impact on consumers.
- Q 8. The pie-chart given above shows the annual global market share of Pepsi and Coke for the last five years on average. Under what market structure do Pepsi and Coke operate? What microeconomic model can best describe the behavior of Pepsi and Coke? Explain the main theme of this model. Given the obvious market share of both Pepsi and Coke, on what grounds would you justify the multibillion-dollar annual advertising spending by those two companies?In part II, we zoom in on the individual firm in the Australian wheat market, to consider production, costs, and profits. Specifically: a) Start with a model of the situation before the crisis in Ukraine. Draw a model of a representative individual firm in the market for wheat, i.e. an Australian wheat farmer who is a price-taker in the global market for wheat, in long-run equilibrium. Comment on the assumed market structure. Show and explain the amount of wheat the farmer will produce to the market, and explain revenue, costs and profits. b) Now consider the short-run effects of the conflict in Ukraine from the perspective of the Australian wheat farmer. We will do this in two sequences, in the interests of clarity. i. First, consider the increase in the world price. Show how this affects quantity produced, costs, revenue and profit for the farmer. ii. Second, consider the increase in the price of fertiliser. Show how this now affects the quantity produced, costs, revenue and profit…(a) Let the industry producing soybeans be in a long-run equilibrium. What is the equilibrium price of a bushel of soybeans? How many billions of bushels are produced? How many farmers are there in the industry? What is the shipping fee per bushel of soybeans? (b) Suppose that the demand for soybeans drops due to decreased im- port by China and becomes Q = 15.3 − p. In a new long run equilibrium, what is the equilibrium price of a bushel of soybeans? How many billions of bushels are produced? How many farmers are there in the industry? What is the shipping fee per bushel? (c) Calculate the change in the producers’ surplus between the situations described in (a) and (b). (d) Show that the decrease in the producers’ surplus equals to the decrease in the total shipping fees as the industry contracts incrementally from the equilibrium output in (a) to the equilibrium output in (b).