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Tom Thompson is a tomato farmer, operating as a price taker in a highly competitive agricultural industry. One year, tomato crops across the country are
Tom Thompson is a tomato farmer, operating as a price taker in a highly competitive agricultural industry. One year, tomato crops across the country are severely affected by a severe fungal disease, causing widespread crop failure among tomato growers. Luckily,Tom's farm is unaffected.The reference to one of the figures supplied (pick one which suits the purpose), illustrate the short and long-run consequences of this event for Tom'sproduction, revenue, and profit/loss. Assume the market originally was in long-run equilibrium.
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