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Thread: Perfectly competiitve product markets

  1. #1
    May 2010

    Perfectly competiitve product markets

    Butter and margarine are substitutes and are sold in perfectly competitive product markets.The Lots of Cream company one of 300 butter producers develop a new automated churner that reduces costs.

    What will be the effect of this change on price,short run profits and the quantity of butter for the Lots of cream Company?Explain

    If the other perfect;y competitve firms use this same churner what will be the effect on th eprice and quantity of butter produced in the market?

    What will be the effect of these changes in the butter market on the price and quantity produced of margarine?
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  2. #2
    MHF Contributor
    May 2010

    we're not here to do your homework, which particular concept are you having difficulty with?
    Last edited by SpringFan25; Jun 2nd 2010 at 11:03 AM.
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