Homework 9 (Due Monday, March 12th in class)

Part 1

For homework, print out the Power Point presentation for Module 27 and add it to your lecture notes. After you review the material presented in Module 27, answer the following questions below. 

1.) Define the industry supply curve.

2.) Explain the difference between the short-run vs. the long-run industry supply curves. 

3.) Explain the difference between the short-run vs. the long-run market equilibrium. 

4.) Describe what the long-run industry supply curve looks like. 

5.) Discuss the cost of production and efficiency in the long-run equilibrium. 

Part 2

Choose one of the two articles posted (Florida Strawberries or Pistachio Growers) located in the Module 27 folder in Canvas. You are required to read the article, and then provide a two-paragraph summary of the article. Each paragraph must include a minimum of five sentences each. Do not plagiarize or include your own opinions in the summary. Instead, read the article, and provide a summary in your own words including facts from the article. Be prepared to discuss the article in class if called upon. The articles relate to the concept of Perfect Competition.