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Big drops in prices for crops make it tough down on the farm Corn, soybean, and wheat prices have fallen roughly 50 percent from the historic highs of earlier this year. With better-than-expected crop yields, world grain production will rise nearly 5 percent this year. Grain prices have also become more closely tied to oil prices because of the growing corn-based ethanol industry.Explain the effect of a fall in the oil price on the market for ethanol. If the price of oil remains low for some years, what will be the long-run effects on the market for ethanol and the number of ethanol producers?
Draw a graph of a firm's cost and revenue curves if all cell phones are identical. Use your graph to illustrate the effects of the firm introducing a new, differentiated cel
Describe the changing barriers to entry in the automobile industry and explain how the combination of market demand and economies of scale has changed the structure of the i
Through the 1990s, the percentage of high school students who decided to go to college increased. Draw a demand-supply graph to illustrate the effect of this increase on the
Why do economists think that discrimination in the labor market is an unlikely explanation for the persistent inequality in earnings between women and men and among the race
Rich-poor gap worries Chinese planners In 1985, urban Chinese earned 1.9 times as much as people in the countryside, which is home to 60 percent of the population. By 2007,
Table 1 shows the distribution of money income in Australia. Calculate the cumulative distribution of income for Australia and draw the Lorenz curve for Australian income.
A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $4 and the value of marginal product of worke
Is the market for college football coaches competitive? If it is, why don't they all earn the same wage rate? Is the market for Nick Saban competitive? How is his compensati
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