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Edgar’s optimism on the profitability of selling gasoline and
convenience items, you decide to research the market in terms of supply
and demand, elasticity, costs of production, pricing, and normal or
economic profit or loss. You want to provide Cousin Edgar with the
most informed advice possible.
Situation D
After hearing of you taking this course in business economics, Uncle
Dan has e-mailed you asking for advice on his 100-acre corn farm. He
mentioned how, after 30 years of growing corn, he wishes to leave that
commodity’s market and enter a more profitable market instead. He is
thinking of planting some organic crop. But he is not sure which crop
would be most profitable. He already knows that going organic requires
changing some of his practices to qualify for the certification. Therefore
he wants to know how much it costs to become a certified organic
farmer, and which crop would be best suited for him to grow given his
current equipment.
Luckily before you can find time to answer Uncle Dan’s e-mail, you
read the piece on organic farming in the United Kingdom on page 422 of
the textbook. Recognizing the costs and risks for Uncle Dan in making
the switch, you decide to research the market in terms of supply and
demand, elasticity, production costs, pricing, and economic or normal
profit or loss. You decide to educate yourself about organic farming so
that you can provide Uncle Dan with the most informed advice possible.
Microeconomic Paper as a Professional Report
Your paper should be organized into five parts as listed below.
1.
Title Page—Name, course, and date