Answer the following questions: 1. Explain Introduction and Conc...

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Answer the following questions:

1. Explain Introduction and Concentration ratio of the industry
2. Explain market structure and competition
3. Explain the Demand (elastic/inelastic?)
4. Explain Supply (how they can harvest and problems, etc.)
5. Explain Conduct (competition – how they compete, vertical integration, gov’t support)
6. Explain Performance (technology changes, how it changes through industry, displacement farm workers under new technology and social costs)
7. Explain Governmental support to subsidies (WTO)

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1. Explain Introduction and Concentration ratio of the industry

Today, there are about 2 million farms in the United States. The number of farms has declined, but the average size has increased.   U.S. farms average less than 440 acres in size. About 5 percent of all farms contain 1000 acres or more and that 5 percent has more than 40 percent of total farm acreage. Farm sizes vary by product. Even when the typical acreage for a particular crop is small, production is usually concentrated. For example, almost 65 percent of tomato crop is grown by small farmers, but the remaining 35 percent is grown by 9 percent of the largest farms. About 2 percent of the largest farms produce 70 percent of all chicken broilers. The family farm is no longer the norm that it once was. Today large scale agriculture is carried out by large corporations instead of family owned farms. Despite only 2 percent of farms being incorporated, these corporate farms operate 12 percent of all U.S. farm land and market about 22 percent of the total value of farm crops....

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