Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit. Using correctly labeled side-by-side graphs for the rice industry and Grand Farm, show each of the following in the short run.
The industry price and quantity, labeled as PM and QM. (1 point)
Grand Farm’s demand curve and marginal revenue curve, labeled DF and MRF. (1 point)
Grand Farm’s quantity of output, labeled QF. (1 point)
Grand Farm’s profit, shaded completely. (1 point)

In the long run, what happens to each of the following?
The number of firms in the industry. Explain. (1 point)
The equilibrium price; does it increase, decrease, or remain the same relative to PM? (1 point)

Which of the following results from outsourcing jobs from the united states to other countries? a. increasing exports out the united states. b. lower wages for u. s. workers. c. reduced immigration to the united states. d. subsidies for goods made in the united states. 2b2t

Shelby company produces three products: product x, product y, and product z. data concerning the three products follow (per unit): product x product y product z selling price $ 85 $ 65 $ 75 variable expenses: direct materials 25.50 19.50 5.25 labor and overhead 25.50 29.25 47.25 total variable expenses 51.00 48.75 52.50 contribution margin $ 34.00 $ 16.25 $ 22.50 contribution margin ratio 40 % 25 % 30 % demand for the company’s products is very strong, with far more orders each month than the company can produce with the available raw materials. the same material is used in each product. the material costs $8 per pound, with a maximum of 4,400 pounds available each month. required: a. compute contribution margin per pound of materials used. (round your intermediate calculations and final answers to 2 decimal places.) contribution margin per pound product x $ product y $ product z $ b. which orders would you advise the company to accept first, those for product x, for product y, or for product z? which orders second? third? product x product y product z

An investment offers a total return of 18 percent over the coming year. janice yellen thinks the total real return on this investment will be only 14 percent. what does janice believe the inflation rate will be over the next year?