What happens to a representative farm operating

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Reference no: EM133613873

Problem: During the year, a new fertilizer is introduced that does not increase any of the farms' costs, but increases the total corn harvest to 16 billion bushels. The following graphs show the new short-run equilibrium as a result of the new fertilizer. Assume that no other factors affect the market for corn. Illustrate what happens to a representative farm operating in the corn market to adjust back to a long-run equilibrium.

Reference no: EM133613873

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