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Unbelievable! This is what I've been saying except that the producers with the higher average costs will not sell their farms but wait for demand to increase.
A lowered demand curve simply intersects the supply curve at a lower price and a lower quantity.
The marginal suppliers stop supplying. So where does this add up to an increase in the price?
Originally posted by lord of the mark
Kids analysis is correct, but starts from an absurd assumption.
It doesn't matter that the producers have different average costs, so there is nothing wrong with the assumption. It works. I was just trying to be simple.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
A lowered demand curve simply intersects the supply curve at a lower price and a lower quantity.
The marginal suppliers stop supplying. So where does this add up to an increase in the price?
As LotM has pointed out short run loses are normal business in agriculture. You don't just sell your farm because you don't earn as much money or even lose money. In fact, you probably have insurance. The price will increase when demand increases again, probably do to population increase.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
As LotM has pointed out short run loses are normal business in agriculture. You don't just sell your farm because you don't earn as much money or even lose money. In fact, you probably have insurance. The price will increase when demand increases again, probably do to population increase.
"At some hypothetical point in the future, the supply curve will be shifted because more people will be around eating food. Therefore, any shift in the demand curve is meaningless."
Originally posted by KrazyHorse
"At some hypothetical point in the future, the supply curve will be shifted because more people will be around eating food. Therefore, any shift in the demand curve is meaningless."
I specifically said that the supply curve would not shift. Therefore the price would return to equilibrium.
Wow! You are soooo incredibly stupid.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
I didnt, it just seemed implicit in what Kid said. Now its less clear if thats what he meant.
"A person cannot approach the divine by reaching beyond the human. To become human, is what this individual person, has been created for.” Martin Buber
It doesn't matter that the producers have different average costs, so there is nothing wrong with the assumption. It works. I was just trying to be simple.
it matters immensely, its what determines the elasticity of supply.
"A person cannot approach the divine by reaching beyond the human. To become human, is what this individual person, has been created for.” Martin Buber
I didnt, it just seemed implicit in what Kid said. Now its less clear if thats what he meant.
The long run price is determined by the average cost + normal profit. Of course most producers will make greater than normal profit because they have more productive land, lower taxes, cheaper labor whatever.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
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