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The market for Sugar beet is in equilibrium at P = $15 and Q = 229995. The price elasticity of demand is -1. The price elasticity of supply is 0.6. Now assume that the government imposes a quota which reduces supply to 183,996
a. Graph this market. Hint: use price elasticity equations to find change in p.
b. Calculate the change in consumer surplus as a result of this policy. Label this area on your graph.
c. Calculate the net change in producer surplus as a result of this policy. Label this area on your graph.
d. Calculate the deadweight loss which would result from this policy. Label this area.
College students sometimes work as summer interns for private firms or for the government. Many of these positions pay very little or nothing.what is the opportunity cost of taking such a job.
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However, the offer was contingent upon the Wallace board eliminating the poison pill. Wallace consulted with its investment banker, which advised the company that the offer was inadequate but did not inadequate. Both the board and its banker belie..
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