Reference no: EM131236727
1. Why did the rice price scheme exist and what was the outcome?
QI. Reasons for continued support?
QII. Winners and losers from the policy?
QIII. Which benefited low-income farms the most, the 2006 or 2011 program?
QIV. Assuming the remaining rice can be sold for 10,096 THB per ton, what is the government’s loss?
2. Why is farming so political and the focus of government support?
Describe the advantages & disadvantages of continued use of price supports. Graph.
QI. Describe economic rent and how it is determined.
QII. Explain using elasticity why the rent skyrocketed. What was the amount of water used for the additional rai farmed in the first year of the program? Did the structure of water pricing under or over-estimate the cross-price of elasticity and what are the implications for restructuring prices as a conservation policy?
3. What are alternative methods to support the rice farmers?
4. If you were the General’s chief economic advisor, what plan of action would you recommend for the short-term (year 2015) and long-term welfare of the country? What are the advantages & disadvantages of your recommendation?
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