FRQ: Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit. (a) Using correctly labeled side-by-side graphs for the rice industry and Grand Farm,
show each of the following in the short run.

(i) The industry price and quantity, labeled Pm and Qm

(ii) Grand Farm's demand curve and marginal revenue curve, labeled Df and MRf

(iii) Grand Farm's quantity of output, labeled Qf

(iv) Grand Farm's profit, shaded completely

(b) In the long run, what happens to each of the following?

(1) The number of firms in the industry. Explain.

(ii) The equilibrium price does it increase, decrease, or remain the same relative
to Pm?

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Capital financial corporation will lend 90 percent against account balances that have averaged 30 days or less; 80 percent for account balances between 31 and 40 days; and 70 percent for account balances between 41 and 45 days. customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. the current prime rate is 16.50 percent, and capital charges 3.50 percent over prime to charming as its annual loan rate. a. determine the maximum loan for which charming paper company could qualify.

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