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Suppose that corn currently costs $4.00 per bushel and that wheat currently costs $3.00 per bushel. Also assume that the price elasticity of corn is 0.35, while the price elasticity of wheat is 0.40. For the following questions about elasticities, simply use the percentage changes that are provided rather than attempting to calculate those percentage changes yourself using the midpoint formula.Instructions: In parts a and b, round your answers to 2 decimal places. In part c, round your answers to 1 decimal place.a. If the price of corn fell by 25 percent to $3.00 per bushel, by what percentage would the quantity demanded of corn increase?percent.What if the price of corn fell by 50 percent to $2.00 per bushel?percent.b. To what value would the price of wheat have to fall to induce consumers to increase their purchases of wheat by 5 percent?$ per bushel.c. If the government imposes a per-bushel tax on corn of $0.40 so that the price of corn rises by 10 percent to $4.40 per bushel, by what percentage would the quantity demanded of corn decrease?percent.If the initial quantity demanded is 10 billion bushels per year, by how many bushels would the quantity demanded decrease in response to this tax?million bushels.
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession.
What percentage of the variation of your dependent variable is explained by the independent? d) (10) Suppose the corruption measure was flipped. That is, the least corruption possible is rated a 10, and the highest corruption level is zero. Argenti..
When a firm is no longer able to reduce its long run average cost by expanding, it has achieved its minimum efficient scale of production. legislation that benefits many individuals at the expense of a few is a natural ..
What did pre-Keynesian believe about the market and its ability to pull itself out of a recession 9. What role do investments in human capital, physical capital, technology development, and improving institutional quality play in creating economic..
Suppose that the market for gnomes is yet to reach equilibrium, and that the current price and quantity in the market for gnomes.
The demand function for product sold by an oligopolist operating in the short run is given below: Compute the profit-maximizing price and quantity, if the firm operates in short run.
The market represented in exhibit above is allowed to operate freely, find the total employment in the market and total employment by the firm
Name other examples of agricultural products that have attempted to differentiate themselves. How have they differentiated their product?
Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts and what is the bid price that maximizes the expected contribution of the contract
Demand for airline tickets fluctuates throughout the year, which affects the price of an airline ticket. Suggest the type of game that may be most appropriate for a specific airline to play to address the differences in demand and elasticity and t..
If the nominal GDP is $559 billion in the base year, and it rises to 577 in year 1, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 in the base year to 104.5 in Year 1 and up to 108.3 in Year 2?
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