The market for soybeans is characterized by 
= 18 - Ps and 
= Ps - 0.5Pc, where Qs is the quantity of soybeans in millions of bushels, Ps is the price per bushel of soybeans, and Pc is the price per bushel of corn. The market for corn is characterized by 
= 18 - Pc and 
= Pc - 0.5Ps, where Qc is the quantity of corn in millions of bushels. In general equilibrium, the equilibrium quantity of corn is _____ bushels, and that of soybeans is _____ bushels.
Definitions:
Average Costs
The total cost of production divided by the number of units produced, often used to assess efficiency and profitability.
Decreasing Returns to Scale
A situation in which increasing the scale of production leads to a proportionally smaller increase in output, often due to inefficiencies.
Long Run Average Cost Curve
A graphical representation showing the lowest cost at which a firm can produce any given level of output in the long run, where all inputs are variable.
Decreasing Returns to Scale
A situation in which, as the scale of production increases, the output increases at a proportionally smaller rate, leading to increased average costs.
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