Reference no: EM133366755
Question #1
Explain to a friend of yours that did not have an Economic Class what the Herfindalh - Hirscman Index (HHI) is Explain to your friend what the value of HHI for a monopoly is (clearly indicate all the calculations needed) In a business setting what are the 3 elements of "The Triple Bottom Line"?
What is the class objective?
Question #2
Assume that because of a drought the supply of winter wheat decreased by 10%. The demand function of winter wheat is a function of hard red winter wheat (hrw), wheat prices, live cattle (lc) prices, corn prices and soybean prices:
-------> QhrwD = - 1,000 - 5Phrw +4Pcorn + 10Plc +5Psoy
The supply of winter wheat is a function of its market price, the price of spring wheat (hrs) and the price of fertilizer (f):
-------> QShrw = 303 +10 Phrw -5Phrs - 0.25Pf
- Prices and income are as follows:
Phrw = $8/bushel
Plc =$120/cwt
Pcorn = $7/bushel
Psoy =$14/bushel
Phrs = $10/bushel
Pf = $300/ton
(a) Assume that the market shock affects only the winter wheat market. Quantitatively determine the impacts on the price, quantity demanded and quantity supplied of HRW wheat. Outline the steps and your logic when solving the problem - 8 points. Show all your work
(b) You know however, that the shock to HRW wheat market had an impact on the corn market. Consequently, you need to analyze the effect of the shock within a dynamic two market structure. Assume that:
------> Qdcorn = 50 - 4Pcorn +2Phrw +Plc +3Psoy
------> QScorn = 392 + 2Pcorn -4Psoy -0.5Pf
Calculate:
i. The own price elasticity (elasticity of demand) for corn
ii. The supply elasticity for corn
iii. Cross price elasticity between corn and HRW
iv. Cross price elasticity between HRW and Corn
v. The percentage change in price for HRW and Corn, because of the drought (you need the four equations)
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