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In 1983, the Reagan administration introduced a new agricultural program called the Payment-in-Kind Program. To see how the program worked, let"s consider the wheat market:
a. Suppose the demand function is QD = 28 - 2P and the supply function is QS = 4 + 4P, where P is the price of wheat in dollars per bushel, and Q is the quantity in billions of bushels. Find the free-market equilibrium price and quantity.
b. Now suppose the government wants to lower the supply of wheat by 25 percent from the free-market equilibrium by paying farmers to withdraw land from production. However, the payment is made in wheat rather than in dollars-hence the name of the program. The wheat comes from vast government reserves accumulated from previous price support programs. The amount of wheat paid is equal to the amount that could have been harvested on the land withdrawn from production. Farmers are free to sell this wheat on the market. How much is now produced by farmers? How much is indirectly supplied to the market by the government? What is the new market price? How much do farmers gain? Do consumers gain or lose?
c. Had the government not given the wheat back to the farmers, it would have stored or destroyed it. Do taxpayers gain from the program? What potential problems does the program create?
Some airline executives have called for reregulation. Why might an executive of an airline prefer to operate in a regulated environment?
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Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
The marketing manager generally prices books at $35 each, and sales an average of 4,000 per month. Last month, she had a sale and priced volumes at $22.50 each, selling 8,500 copies. Calculate the price elasticity for these books.
How does an increase in an excise tax on cars affect the supply of cars. more cars will be made or fewer cars will be made or else.
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the real exchange rate is the nominal exchange rate, defined as foreign currency per dollar, times 1. US prices minus foreign prices 2.prices in the US divided by foreign prices 3.foreign prices divided by US prices 4.none of the above
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Which of the following is not one of the explicit functions of the Federal Reserve granted by Congress.
Within the framework of production possibilities curve, discuss the pros and cons of alternative choice mechanisms with respect to the determination of price and output levels in an economy
Describe how the circular flow diagram illustrates the interaction of households, governments, and business and Describe the relationship between market and aggregate supply and demand?
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