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# Empirical &amp; Short Answer Answer 5 out of 7 1. Short-run Firm Supply. Produce Pride, Inc., supplies sweet corn to canneries located throughout the...

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Empirical & Short Answer Answer 5 out of 7 1. Short-run Firm Supply. Produce Pride, Inc., supplies sweet corn to canneries located throughout the Missouri River Valley. Like many grain and commodity markets, the market for sweet corn is perfectly competitive. With \$500,000 in fixed costs, the company’s total and marginal costs per ton (Q) are: TC = \$500,000 + \$400Q + \$0.04 Q squared MC =? a. Calculate the industry price necessary to induce short-run firm supply in tons of: a.i. \$05,000 a.ii. \$10,000 a.iii. \$15,000 Assume that MC > AVC at every point along the firm’s marginal cost curve and that the total costs include a normal profit. b. Calculate short0run firm supply at industry prices per ton of: b.i. \$0,400 b.ii. \$1,000 b.iii. \$2,000 c. Construct a model that reflects your inputs and results. 2. Regulation Cost. Kingston Components, Inc., produces electronic components for cable TV systems. Given vigorous import competition, prices are stable at \$4,500 per unit (MR) in this dynamic and very competitive market. Kingston’s annual total cost (TC) relations are: TC = \$7,000,000 + \$500Q _ \$0.5Q squared Where Q is output
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