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Question
1. The US government heard about Canada's government sponsored cartel for Maple Syrup and decided to do a similar thing for corn. The market equilibrium price for corn is $4.50 per bushel and the equilibrium quantity is 2.36 billion bushels. President Trump took an economic class in college, so he decides to put a price floor on corn of $3.50 per bushel.
Will this price floor help cushion the corn industry from market fluctuations in production due to bad weather or changing demand like the Maple syrup cartel in Canada? Why or why not.
Draw the Supply and Demand graph with the price floor. Remember to label all points and axes.
For the scenario that follows, solve by hand and then solve using the Excel functions POISSON and EXPONDIST. The time between arrival of patients to an urgent care center follows an exponential distribution with a mean of 30 minutes. What is the prob..
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You are a division manager at Toyota. If your marketing department estimates that the semi annual demand for the Highlander is Q=150,000-1.5P, what price should you charge in order to maximize revenues from sales of the Highlander?
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
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