03 Jun Question 1. It is estimated that the US has over 2
Question
1. It is estimated that the US has over 2 million farmers that produce potatoes. In an effort to understand the potato market, data on prices and quantities (in millions) of 50 lb. potato bags were obtained and tabulated. The table below contains the results.
P Qd Qs
6 800 1500
5 1000 1350
4 1200 1200
3 1400 1000
Farmer John provided the information below asking to help them evaluate their operating conditions.
Farmer John
Q TC
0 10000
5000 15000
10000 28000
15000 43000
20000 63000
25000 88000
(i) Determine the market structure of the potato industry.
(ii) Determine the profit maximizing or loss minimizing quantities and prices for farmer John.
(iii) Do you think that these farmers will survive or shut down in the short run?
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