Question: 1. Using variable costs and fixed costs, explain the point of shutdown for an irrigated soybean operation. 2. Using supply, demand, and price, give a

1. Using variable costs and fixed costs, explain the point of "shutdown" for an irrigated soybean operation.

2. Using supply, demand, and price, give a basic explanation of the cyclical nature of beef production. (Cobweb adjustment cycle).

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