Potato farming (like farming of most agricultural products) is highly competitive (i. e. very close to a perfectly competitive market). thus, price is determined by demand and supply. the us demand for potatoes is estimated to be qd = 184 − 20p where p is the farmer’s wholesale price (per 100 pounds) and qd is consumption of potatoes per person (in pounds). the industry supply is qs = 124 + 4p
a. find the competitive market price and output.
b. potato farmers in montana raise about 7 percent of total output. if these farmers enjoy bumper crops (10 percent greater harvests than normal), is this likely to have much effect on price on montana farmers’ incomes?
c. suppose that, due to favorable weather conditions, u. s. potato farmers as a whole have bumper crops. the total amount delivered to market is 10 percent higher than that calculated in part (a). find the new market price. what has happened to total farm revenue? is industry demand elastic or inelastic? in what sense do natural year-to-year changes in growing conditions make farming a boom-or-bust industry?

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?