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Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundredweight of cheese. One hundred weights are 100 pounds.) At that price, according to data from the USDA, the quantity of cheese formed in 2009 by U.S. producers was 212.5 billion pounds, and the quantity demanded was 211 billion pounds. To maintain the price of cheese at the price floor, the USDA had to buy up 1.5 billion pounds of cheese. The accompanying diagram demonstrate supply and demand curves illustrating the market for cheese.a. In the absence of a price floor, how much consumer surplus is created? How much producer surplus? What is the total surplusb. With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much consumer surplus is formed now
if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf
If Coolest IceCream ice cream parlor has been closing at 5pm with $120 of marginal revenue and $80 of marginal cost for the last hour open, what should Coolest IceCream do to maxim
What are the uses of elasticity’s to the public sector and private sector?
AGRICULTURAL GROWTH AND PRODUCTIVITY TRENDS: Despite a steady decline in the share of agriculture in the Gross Domestic Product (GDP) of India, this sector continues to remain
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Suppose that there is a credit market imperfection because of limited commitment. As in the setup with collateralized wealth, each consumer has a component of wealth which has valu
Determinants of reserve price
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes.
Calculate the enthalpy change for stepE. that is for the reaction: Na(s)+ water (arrow) Na(ion)+ OH(ion)+ Hydrogen (g)
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