Unit Three Discussion Question 1 Prompt: Read “YOU’RE THE ECONOMIST: Recession Takes a Bite Out of Gator Profits” in Chapter 8. Assuming gator farming is perfectly competitive, explain the long-run co

Unit Three

Discussion Question 1

  • Prompt: Read “YOU’RE THE ECONOMIST: Recession Takes a Bite Out of Gator Profits” in Chapter 8. Assuming gator farming is perfectly competitive, explain the long-run competitive equilibrium condition for the typical gator farmer and the industry as a whole.
  • Requirements: 250 words minimum initial post, 100 words minimum reply

Discussion Question 2

·       Prompt: Read “YOU’RE THE ECONOMIST: The Standard Oil Monopoly” in Chapter 9. If Standard Oil was a natural monopoly, what would happen to the average cost of producing gasoline after the company was split up? Explain using an LRAC curve.

·        Requirements: 250 words minimum initial post, 100 words minimum reply

  • Prompt: Read “YOU’RE THE ECONOMIST: The Standard Oil Monopoly” in Chapter 9. If Standard Oil was a natural monopoly, what would happen to the average cost of producing gasoline after the company was split up? Explain using an LRAC curve.
  • Requirements: 250 words minimum initial post, 100 words minimum reply