is greater than the minimum average variable cost
in the short run, firms will produce as long as price...
is greater than the minimum average total cost
in the long run, firms will produce as long as price...
marginal cost>minimum average variable cost
market supply =
is supply more elastic in the short or long run?
price, theres a .24% change in quantity supplied
if elasticity of supply is .24, then for every 1% change in....
demand remains for elastic than supply
markets will adjust towards equilibrium as long as...
sum of consumer and producer surplus
total welfare =
is a product more inelastic or elastic when there's a longer production cycle?
4 parts of buying behavior
calories, animal protein, fat, fruits and vegetables, milk, dairy, sugars + sweeteners
The US consumes these more than less developed countries
more fruits and vegetables
more sugars and sweeteners
compared the europe the US consumes more of these and less of that
more calories, meat, cheese, yogurt, fruits and vegetables
as a general trend over the last 4 years, the US has eaten more ____ and less ____
more fats and oils
more cooking oils and shortening
more wheat flour
more corn (HFCS)
as a general trend over the last 4 years, the US has added more ____ and less ____
Food safety concerns: e. coli, salmonella
Food safety concerns: shellfish, toxins in pistachios
Food safety concerns: guar gum, food coloring
Food safety concerns: pesticides, insecticides, fertilizer
<.5 grams fat
<3 grams fat
<200 mils cholestoral. <2g sat. fat
<5 mills sodium
<140 mils sodium
all organic, USDA sealed. certification required
95% organic, USDA sealed. certification required
70% organic, no USDA seal. certification required
Made with organic ingredients
no organic required, no USDA seal, no certification required
Less than 70% organic ingredients
1. Form (processing)
2. Time (storage)
3. Place (transports for convenience)
marketing adds utility by changing a products
the difference between the farm price and the consumer price. a higher marketing margin indicates a longer production cycle - more processing, transport, or storage. the more processing, the lower the farmer's share
marketing margin is...
a higher marketing margin indicates....
contracts, partnerships between production cycle parts
marketing vertical integration
different markets create different horizontal integration: perfect competition vs monopoly. co-ops, contracts, partnerships
marketing horizontal integration
each member gets 1 vote
members who produce a lot get pissed
quality cantrol can be a problem - if one farmer sells bad fruit the whole co-op looks bad
prime, choice, select, standard
USDA meat grades
governmental organizations - USDA
grades can be set by