Reference no: EM132681960
Question: Imagine someone owns a productive piece of land. This land can be used to either grow wheat, or it can be used to raise grass fed cows. Answer the following questions in point form.
1. What is the name of the types of goods described in the statement above? That is, what are wheat and cows as described above?
2. Obviously, cows can be used to produce beef. What other commodities can be produced using the grass fed cows? List only one.
3. What is the name given to the types of goods you listed in 2?
4. Imagine that the land owner is currently producing wheat. Then, the price of beef increases significantly. What will the land owner do? Use non-technical language for this question.
5. Using proper terminology of supply, demand, and price, describe what happens in each of these three markets. Describe one market at a time, and assume that the land owner is a price taker in a perfectly competitive market. Consider causation in your answer.
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What is the name of the types of goods described
: What is the name of the types of goods described in the statement above? That is, what are wheat and cows as described above?
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