FRQ: Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit. (a) Using correctly labeled side-by-side graphs for the rice industry and Grand Farm,
show each of the following in the short run.

(i) The industry price and quantity, labeled Pm and Qm

(ii) Grand Farm's demand curve and marginal revenue curve, labeled Df and MRf

(iii) Grand Farm's quantity of output, labeled Qf

(iv) Grand Farm's profit, shaded completely

(b) In the long run, what happens to each of the following?

(1) The number of firms in the industry. Explain.

(ii) The equilibrium price does it increase, decrease, or remain the same relative
to Pm?

How can a poor housing market put home buyers in a financially unstable position? a. changing property values means it’s easier to find homes with low rental costs. b. when the home value decreases, property taxes and insurance costs increase. c. houses are valued lower than their purchase prices, so the home equity decreases. d. home buyers lose all tax benefits and tax incentives when the housing market goes down. e. mortgage payments can increase even though the home value decreases.

Jorge is a manager at starbucks. his operational plan includes achieving annual sales of $4,000,000 for his store. with only one month left to end of the fiscal year, jorge realizes that he won't reach his annual sales goal. what are his options?

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.