Question 1 Prompt: Read “YOU’RE THE ECONOMIST: Recession Takes a Bite Out of Gat

Question 1
Prompt: Read “YOU’RE THE ECONOMIST: Recession Takes a Bite Out of Gator Profits” in Chapter 8. Assuming gator farming is perfectly competitive, explain the long-run competitive equilibrium condition for the typical gator farmer and the industry as a whole.
Requirements: 250 words minimum initial post, 100 words minimum reply
Question 2
Prompt: Read “YOU’RE THE ECONOMIST: The Standard Oil Monopoly” in Chapter 9. If Standard Oil was a natural monopoly, what would happen to the average cost of producing gasoline after the company was split up? Explain using an LRAC curve.
Requirements: 250 words minimum initial post, 100 words minimum reply