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Suppose demand is P=600-Q and supply is P=Q in the soybean market, where Q is tons of soybeans per year. The government sets a price support at P=$500/ton and purchases excess supply at this price. In response, as a long-run adjustment, farmers switch their crops from corn to soybeans, expending supply to P=(1/2)Q. a. How does excess supply with the larger supply compare to excess supply prior to the farmers switching crops? b. How much more does the government have to spend to buy up the excess supply?
What are the primary differences between industrial users and home users of electricity that allow the utilities to discriminate between the two markets in terms of price? How do we compensate for these differences in order to improve the "common ..
Firms that make game systems like Playstation and Nintendo typically charge a price close to average cost on the game system itself, and do not change that price even when the systems are scarce or demand increases. Why might this be a profit-..
My professor requests the following: "When answering the questions, you must emphasize the line of reasoning that generated your results. It is not enough to list the results of your analysis, include correctly labeled diagrams while explaining..
Many developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems. Now, in the light of the evident failure of socialism, many of these countries seek to create fast growth
What does this imply about efficient trade?
assume there are 400 families in a community. each of these families spends exactly 100 plus one-half of its total
(a) What is the market clearing Bertrand price and quantity?
the operator of a centralized market for electrical energy has received the bids shown in the table below for the
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
Why do people hold bonds rather than larger savings account or checking account balances Under what circumstances might they change their portfolios, moving their funds out of bonds and into bank accounts
lets assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant
Suppose that the return on domestic bonds held by foreigners in country i are subsidized at the rate s and that returns on domestic bonds held by residents of country j are taxed at the rate.
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