Business, 11.10.2020 23:01 bayl3ighh

In western Kansas, corn can be grown in two ways—with or without irrigation. Dryland farmers, who do not irrigate their corn, have relatively higher costs. Their long-run average cost is LACD = 2 − 20 + 105 and their long-run marginal cost is LCD = 32 − 40 + 105 , where Q is measured in thousands of bushels. Farmers lucky enough to have water rights or river access have lower costs. Their long-run average cost is LAC = 2 − 16 + 67 and their long-run marginal cost is LC = 32 − 32 + 67. Assume corn is a perfectly competitive market. A. If the corn market is in long-run equilibrium, with both dryland and irrigated corn being grown, what must the price of corn be?
B. What quantity of corn will each farm with access to irrigation produce?
C. What is total revenue for each farm with access to irrigation?
D. What is total cost for each farm with access to irrigation?

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In western Kansas, corn can be grown in two ways—with or without irrigation. Dryland farmers, who do...

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