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1. Karen in the accounting department has decided to become a farmer. She needs land and...

1. Karen in the accounting department has decided to become a farmer. She needs land and labor to produce beets. The labor cost to produce z pounds of beets is c(z) = z^2. Suppose that there are 100 identical farmers (Karen included) that act competitively.

(a) What is the individual farmer’s supply function of beets? What is the market supply of beets?

(b) Suppose that the market demand curve for pounds of beets is given by: Z = 250 − 50p, where Z is the pounds of beets and p is the price. What is the equilibrium price and quantity in the market?

(c) How many pounds of beets does Karen sell?

(d) What is the equilibrium price of rent for the land?

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