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How would I answer this question?

How would I answer this question? I am taking an online course and it is unclear on how to properly graph it. Any help would be great.

Background Information: Suppose the market price of beef in March 2011 is 66 cents per pound. At this price, how many pounds of beef should Joe offer to the market?

If he produces 1,000 pounds (point A), his marginal cost is 45 cents. However, his marginal revenue is 66 cents. If you ran a business, and at your current price, the marginal revenue you were earning was greater than the marginal cost, what would you do? You really have only one rational choice, and that is to expand output.

You will need to include both an industry (total market) and a firm (individual business) graph for each question. On the firm graphs, you will need to illustrate demand (d), marginal revenue (MR), marginal cost (MC), average variable cost (AVC), and average total cost (ATC). When you don’t have exact data for a curve, you can still create the curve in relationship to the other curves on the graph. Use the graphs from the Perfect Competition Model: Short Run Equilibrium and Perfect Competition Model: Long Run Equilibrium lessons to help you construct the shapes and intersections/shifts of your graphs.

  1. Suppose five years from now that the ranching industry is in long-run equilibrium at 70 cents per pound.Graphically illustrate what that would look like for Joe and all of the other ranchers.
  2. Then, suppose a new hormone shot is developed at Texas A&M University that allows all ranchers to cut their feed costs by 27 percent if they use this shot.Graphically illustrate the short-run implications of this development in the ranching industry. Explain your answer.
  3. Graphically illustrate the long-run implications of this development in the ranching industry. Explain your answer.

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