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The government has decided that the free-market price of sugar is too low, and therefore to help the sugar industry, a binding price floor is imposed.
a. use a supply and demand diagram to show the effect of this policy on the price and quantity sold of sugar.
b. sugar farmers complain that this price floor has actually reduced their total revenue. is this possible? Explain (Hint: elasticity)
c. In response to farmers' complaints, the government agrees to purchase all of the surplus sugar at the price floor. Who benefits from this new policy? Who loses?
Assume that the demand for welding services is D(P) = 34-P/2, and the inverse supply function is PS(Q)= 4 + 10Q + Q2. This supply curve represents the long run supply curve of the incumbent firms already in the market, but there is free entry into th..
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q1. 1. give an example of an organization or business in your area that performs the form function and explain why you
When the marginal cost of producing one output is reduced when the output of another product is increased this is called:
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