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Much of the demand for U.S. agricultural output has come from other countries. From Example 2.4, total demand is Q = 3244 - 283P. In addition, we are told that domestic demand is
QD = 1700 - 107P.
Domestic supply is Qs = 1944 + 207P. Suppose the export demand for wheat falls by 40 percent.
a. US. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? Do the farmers have much reason to worry?
b. Now, suppose the U.s. government wants to buy enough wheat to raise the price to $350 per bushel With this drop in export demand, how much wheat would the government have to buy? How much would this cost the government?
There are 10 identical firms, each firm's marginal cost is MC(q)= 5 + 5q. The market is competitive. derive the market demand function.
Calculate the control costs under the tax policy and compare their total to that achieved under the command and control policy in (d). Which policy is more cost effective? Why do you expect this finding to be true in general?
improve life style decsisions by reducing smoking, alcohol consumption, and drug use, imporve overall educational attainment so people can better follow the advice from the medical community.
Diagram the total product, marginal product and average product functions showing the division points between stages I, II and III of the production process. How do these stages of production relate to isoquants.
Consider a country called Hitech where new arrangements for making payments, such as credit cards and ATMs, have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. a) Ass..
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
A typical university football event need alumni to join one of many booster club before the person can buy season tickets.
Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Records f..
Monetary Contraction Suppose the central bank wants to decrease the price level, but the economy is already at the natural rate of output.
Mr. and Mrs. Ward typically vote oppositely in elections and so their votes "cancel each other out." They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their positions). However, ..
ABC is monopoly seller of aluminum in United States and sells no aluminum on world market. It sells aluminum domestically for $2500 per ton and its average expense is $2200 per ton.
Sometimes market activities have unintended positive or negative effects outside the market scope called externalities. As a rule maker concerned with correcting effects of gases
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