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Trout farming is a perfectly competitive industry and all trout farms have the same cost curves.
When the market price is $25 a fish, farms maximize profit by producing 200 fish a week. At this output, average total cost is $20 a fish and average variable cost is $15 a fish. Minimum average variable cost is $12 a fish.
Required:
i) If the price falls to $20 a fish, will a trout farm produce 200 fish a week. Explain why or why not?
ii) If the price falls to $12 a fish, what will the trout farmer do?
iii) What are two points on a trout farm's supply curve?
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Answers: 1
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Trout farming is a perfectly competitive industry and all trout farms have the same cost curves.
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