{"id":106328,"date":"2022-01-26T08:44:01","date_gmt":"2022-01-26T08:44:01","guid":{"rendered":"https:\/\/essayparlour.com\/paperhelp\/?p=106328"},"modified":"2022-01-26T08:44:01","modified_gmt":"2022-01-26T08:44:01","slug":"suppose-that-the-market-for-eggs-is-initially-in-long-run","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/paperhelp\/business-economics-2\/suppose-that-the-market-for-eggs-is-initially-in-long-run\/","title":{"rendered":"Suppose that the market for eggs is initially in long-run"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>Suppose that the market for eggs is initially in long-run equilibrium. One day, enterprising and profit-hungry egg farmer Atkins has the inspiration to fit his laying hens with rose-colored contact lenses. His inspiration is true genius-overnight his egg production rises and his costs fall.<br \/>\n a. Will farmer Atkins be able to leverage his inspiration into greater profit in the short run? Why?<br \/>\n b. Farmer Atkin&#8217;s right-hand man, Abner, accidentally leaks news of the boss&#8217; inspiration at the local bar and grill. The next thing Farmer Atkins knows, he&#8217;s being interviewed by Brian Williams for the NBC evening news. What short-run adjustments do you expect competing egg farmers to make as a result of this broadcast? What will happen to the profits of egg farms?<br \/>\n c. In the long run, what will happen to the price of eggs? What will happen to the profits of egg producers (including those of Farmer Atkins)?<br \/>\n d. Explain how, in the long run, competition coupled with the quest for profits ends up making producers better off only for a little while, but consumers better off forever.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nSuppose that the market for eggs is initially in long-run equilibrium. One day, enterprising and profit-hungry egg farmer Atkins has the inspiration to fit his laying hens with rose-colored contact lenses. His inspiration is true genius-overnight his egg production rises <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-106328","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/comments?post=106328"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106328\/revisions"}],"predecessor-version":[{"id":106329,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106328\/revisions\/106329"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/media?parent=106328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/categories?post=106328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/tags?post=106328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}