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Write a 4- to 5-page essay that addresses the following FOUR questions on the market for milk. (For this Case, keep it simple; don't worry about different brands, etc.)Explain what happens to price and quantity of milk when the following events occur (you do not need to analyze the event itself but rather determine the effect of the event on supply and demand of milk):A scientific study shows that consumption of milk is beneficial for healthy bones.There is an outbreak of mad cow disease.The price of almond milk decreases.In order to promote healthy families, a price ceiling on milk is implemented.Suppose Johnny drinks 4 cups of milk every day no matter what the price. What kind of elasticity does it have?Suppose that when the price of milk increases by 40%, the percentage change in quantity demanded by consumer is reduced by 10%. Calculate the elasticity.Based on your answer to Question 3, What happens to total revenue when the price of milk is increased. Why?Some helpful suggestions on completing the assignment:For each event, you must specify how it effects either demand, quantity demanded, supply, or quantity supplied. It is also important to demonstrate how the change will affect the market demand or supply curve. Also, be sure to state any assumption you are making regarding the relationship of the event and milk.Here is an example of the best way to answer question #1 above:Event: Price of cereal decreases.Assume that cereal is a complement for complement. If cereal is cheaper, then the consumer will increase quantity demanded of cereal. If consumers buy more cereal, then there will be an increased demand for milk because it is its complement. This event causes a shift of the demand curve to the right. The shift will cause price and quantity of milk to increase.Here is also some helpful information on how to address the elasticity questions:Inelastic goods (goods in which consumers are less responsive to changes in price):e < |-1|Elastic goods (goods in which consumers are more responsive to changes in price):e > |-1|In this course, we use the absolute value of elasticity. The price elasticity of demand is always calculated as a negative value due to the law of demand (inverse relationship between price and quantity).Assignment ExpectationsUse concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.Length: 4-5 pages double-spaced and typed.The following items will be assessed in particular:Your ability to understand an application of supply and demand.Some in-text references to the modular background material (APA formatting not required).The essay should address each element of the assignment. Remember to support your answers with solid references including the Case readings.
To invest in upgrades to your company’s heating , you borrow $165,000 from a local bank. If the bank asks you repay the loan in 15 equal annual installments of $19,500, determine the bank’s annual interest rate on this loan transaction.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
A perfectly competitive firm faces a market price of $10 for its output X. It own two plants, A and B whose total costs are
The marketplace is saturated with modems, and your sales department has been able to identify only one potential buyer of your modems.
Graph these data using "dollars" on the vertical axis and "quantity" on the horizontal axis. At what output is revenue maximized?
In an effort to compensate for shrinking land-line customers, SBC and Bell South (owners of Cingular Wireless LLC) got into a building war with Vodaphone to acquire AT&T Wireless. If the buyout took exactly 1 year to close (i.e., end of year 1).
Elucidate entity establishes a price ceiling also does it require government sanction for violators
Illustrate the maxmium so and so would pay for insurance.
The table given below gives the production and values for a small economy that produces only bread and pop. The base year is 2002.
Suppose a car wash firm that has 3 workers is able to wash 120 cars per day. When it adds one more worker, it is able to wash 152 cars per day in total. Suppose each car wash costs $15. Then the marginal revenue product for the 4th worker is ?
Utilizing the company Bausch & Lomb, list at least four conditions that would change the Production Possibility Curve.
A truck powered by a diesel engine working at a 100 percent load factor is operated at a mine. If fuel consumption for this truck is 0.3 l/kW
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