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The prices received by soybean farmers in Brazil, the world's second-largest soybean producer and exporter, tumbled 30%, in part because of China's decision to cut back on imports and in part because of a bumper soybean crop in the United States, the world's leading exporter (Todd Benson, "A Harvest at Peril," New York Times, January 6, 2005, C6). In addition, Asian soy rust, a deadly crop fungus, is destroying large quantities of the Brazilian crops.
a. Use a supply-and-demand diagram to illustrate why Brazilian farmers are receiving lower prices.
b. If you knew only the direction of the shifts in both the supply and the demand curves, could you predict that prices would fall? Why or why not?
A mortgage company lends the Miller family $100,000 to buy a house worth $105,000. During the next year, there is deflation and all prices, including house prices, unexpectedly fall by 10%. 1. After the first year, who is better off
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Ray loves going to the movie theater. There is always something Ray is willing to see (or watch for a second or third time!). The table on the left shows Ray's total benefits (or total willingness to pay) associated with seeing movies at the movie
A local video store estimates their average customer's demand per year is Q = 20 - 4P, and knows the marginal cost of each rental is $1.00. How much should the store charge for an annual membership in order to extract consumer surplus.
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4
The machining time per piece if 0.164 h, and the machine loading time is 0.038h. With an operator rate of $12.80/h and a machine rate of $14/h, calculate the optimal number of machines for the lowest cost per unit of output.
What are the major informal roles of the crew members and Kent? What status position does Kent have with the group? Why?
Can all Pareto optima be decentralized without changing endowments? Can they be decentralized by redistributing endowments?
Summarize one technique for evaluating a data model and explain how that technique could be used to evaluate the data model in Figure 4-20(c).
Economists estimate that on weekends (thursday-sunday) the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q
Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good
1. given the following demand curveq100 - 2pdetermine the price elasticity of demand at the following prices.1. p
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