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In 2009, it was estimated that the total value of all corn-production subsidies in the United States totaled about $4 billion. The population of the United States was approximately 300 million people that year. a. On average, how much did corn subsidies cost per person in the United States in 2009? (Hint: A billion is a 1 followed by nine zeros. A million is a 1 followed by six zeros.) Instructions: Round your answer to 2 decimal places.$ per person. b. If each person in the United States is only willing to spend $0.40 to support efforts to overturn the corn subsidy, and if antisubsidy advocates can only raise funds from 20 percent of the population, how much money will they be able to raise for their lobbying efforts? Instructions: Round your answer to 1 decimal place. $ million. c. If the recipients of corn subsidies donate just one percent of the total amount that they receive in subsidies, how much could they raise to support lobbying efforts to continue the corn subsidy? Instructions: Enter your answer as a whole number. $ million. d. By how many dollars does the amount raised by the recipients of the corn subsidy exceed the amount raised by the opponents of the corn subsidy? Instructions: Round your answer to 1 decimal place. $ million.
On Friday, August 5, 2011, the rating agency Standard and Poor's downgraded the U.S, from AAA to AA+. However, the other major rating agencies -- Moody's and Fitch -- retained the AAA status for the U.S.
According to conventional analysis, all consumer decisions are made with just a few assumptions about human behavior, given these, the consumer is then said to maximize their utility. Explain this concept and the process. How does the heterodox persp..
Illustrate distinguish between the functional distribution and personal distribution of income.
A recession? How would your decision change if your firm's plant and equipment needed to be replaced? What if plant and equipment were new?
Compute the regular expenditure multiplier also the net tax multiplier if the level of consumption increases from $80,000 to $92,000 as a result of change in income from $120,000 to $140,000.
Suppose that you have a $15,000 balance on a car loan. The balance accrues interest annually at a rate of 7% of the total unpaid balance at the end of the year. So the balance in one year depends on the current balance, the interest rate, and the pay..
How would I plot a marginal product curve, say, given the number of workers on the x-axis and and the number of a certain product produced on the y-axis.
The Lorenz curve is criticized for all of the following EXCEPT
Explain four problems with the argument that trade protection is needed to protect American jobs. b) Describe the economic reasons why businesses use off shoring.
SOLO Inc. is a monopolist in a particular market. It has estimated that the demand for its product is P = 16 - (Q / 2,000) , and the marginal cost of production is MC = 4 +(Q / 1,000) . If the firm uses uniform pricing, then to maximize profits it sh..
A mining company is interested in obtaining the demand curve for coal. The firm's research department informs you the price elasticity of demand is -0.68, and the current price and quantity are $41 and 1,206 respectively. Price is measured in dollars..
What is the elasticity of supply in that range of the supply curve? How much tax revenue does the government collect?
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