Reference no: EM132649040
1. Demand: P = 200 - 1.5QSupply: P = 50 + Q
To encourage increased growth of grasslands in the Animal Kingdom, their leader, Simba, is considering a subsidy for production of grasslands. Suppose that the market for grasslands can be represented by the following equations:
where P is the price per acre, and Q represents quantity of grasslands, represented in acres consumed per week.
a) Calculate the equilibrium price and quantity of grasslands before the subsidy.
b) To encourage grassland production, Simba announces a price floor of $140 per acre. With this new price floor, what will be the new quantity of grassland consumed in the Animal Kingdom?
c) Illustrate your answers to (a) and (b) on a graph. Using this graph, calculate the consumer surplus and producer surplus at the initial equilibrium price and quantity from part (a).
d) Calculate the new consumer surplus and producer surplus with the price floor of $140 per acre (part b).
e) How does the total consumer and producer surplus in part (c) compare to the total consumer and producer surplus in part (d)? What explains the difference in these two figures?
f) Suppose that the government supports the $140 per acre price by purchasing any excess grassland that producers make available, but are unable to sell to other animals. How many acres of grassland must the government buy?
|
Community policing on police and community relations
: Evaluate the impact of community policing on police and community relations. Is it effective?
|
|
What is the change in the consumer surplus
: Consider the demand function ( )=100.0-3.0 When the price changes from 1=3.0 to 2=6.0, what is the change in the consumer's surplus?
|
|
Your independent and dependent variables
: In addition, you should provide your independent and dependent variables. An example of this would be if your topic was about officer's health.
|
|
Define how motivation occurs in organizational behavior
: Define how motivation occurs in organizational behavior. What are the similarities and differences between your leadership style and other leadership styles?
|
|
Calculate the equilibrium price and quantity of grasslands
: To encourage increased growth of grasslands in the Animal Kingdom, their leader, Simba, is considering a subsidy for production of grasslands.
|
|
Explaining the major arguments for the existence of god
: Explain which argument you find the most convincing and why. Then explain the problem of evil proposed by J.L. Mackie. Do you find the problem convincing?
|
|
What is the overhead incurred during the month
: York Company is a machine shop that estimated overhead will be $77,000, consisting of 7,000 hours of direct labor. What is overhead incurred during the month
|
|
Determine the marginal product function
: Consider the following short-run production function (where L = variable input, Q = output) Q = 6L2 - 0.4L3 (2 and 3 are not numbers, its like an exponent to L,
|
|
What is the returns to scale in industry
: Here is the first line of data range: Output: 790 Labor-Skill: 3000 Labor Admin: 2100 Raw materials: 400 Energy: 2500
|