Reference no: EM131203923
A local agribusiness enterprise has employed a consultant to estimate its supply curve for a new organic cotton seed and to estimate the demand faced for this seed in its local marketplace. The consultant has determined the following:
Demand: Q = 1200 - P
Supply: Q = 150 + 2P
1. Given these two estimates, solve for the market equilibrium price and quantity.
2. Now plot the individual supply and demand curves together for price levels from $100 through $600 in increments of $50 (i.e., $50, $100, $150, etc.). Is the market equilibrium the same on your graph as calculated in Question 1?
3. This organic cotton seed is often chosen for its heat tolerance. What happens to the demand curve for this organic cotton seed if meteorologists are predicting higher temperatures throughout the upcoming growing season?
4. Given the original demand price-quantity relationships, calculate the elasticity of demand when:
(a) Prices increase from $250 to $300
(b) Prices increase from $500 to $550
(c) Based on your results, is this organic cotton seed elastic, unit elastic or inelastic?
5. Given the original market equilibrium, what would happen to this agribusiness if a market price of $400 were set for this seed? How will it impact total revenues. Is it a good idea to set the price at $400? Explain. Use a graph if you believe this will aid in explaining your answer.
Purpose of a product costing system
: ACC200 - A brief description of the purpose of a product costing system and why it is necessary. Include comments on AASB102 in relation to production costs and refer to the text and other academic literature for information. Calculate the total o..
|
Determine the magnitude and polarity of the voltage
: Write the nodal equations for the networks of given figure. - Determine the magnitude and polarity of the voltage across each resistor.
|
Potential lender and the potential borrower
: True or false: If both the potential lender and the potential borrower correctly anticipate the rate of inflation, inflation will not redistribute wealth from the creditor to the debtor. Explain
|
What infraction of law or regulation may be involved
: What infraction of law or regulation may be involved, and who is at fault? What are the complainant's arguments and the employer's defenses? What investigatory and regulatory processes might be required?
|
Supply curve for a new organic cotton seed
: A local agribusiness enterprise has employed a consultant to estimate its supply curve for a new organic cotton seed and to estimate the demand faced for this seed in its local marketplace. The consultant has determined the following:
|
Find the voltage across each current source
: Determine the nodal voltages for the networks of given figure. - Find the voltage across each current source.
|
Culture plays in the assault on privacy
: In your opinion, what role, if any, do you think culture plays in the "Assault on Privacy?" Explain your reasoning. What sorts of personal data should be kept private?
|
Analyze concept of financial reporting for entities
: Analyze the concept of financial reporting for governmental and not-for-profit entities. Evaluate budgeting and performance measures for governmental and non-for-profit organizations.
|
Interpretation of the source credibility
: Do you foresee any potential problems with your readers' interpretation of the source's credibility?
|