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Question 1? The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow.?
i. Use the Demand and Supply Model above to explain the impact of the bushfires on the rice market in New South Wales.
ii. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia.
iii. What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.
Consider the Solow Growth Model with no techonological change or population growth. The savings rate is 10% and the depriciation of capital rate is 5%. The production function is F= K1/3L2/3. Find the steady-state captial-per-capita stock, and consum..
The elacity of demand for a firm’s product is - 2 and its advertising elasticity of demand is 0.1. determine the firm's optimal advertising -to-sales ratio? if the firm's revenues are $50,000, what is its profit-maximizing level advertising?
Calculate Sea Ready's component cost of equity using the capital asset pricing model (CAPM):Assuming a 40% tax rate, calculate Sea Ready's weighted average cost of capital (WACC).
What is US and Canada trade agreement? And What product is impacted on this trade?
What is the agent's Bayesian posterior condition and Show that the agent views her friend as a Blackwell experiment. (ii) What is the agent's Bayesian posterior
Which of the following market transactions of final goods and services are excluded from the computation of U.S GDP
a. What's the wage the firm is willing to pay now to hire E0 level of workers?
In each case, indicate whether the statement as given is true/false/uncertain and explain why. Points will be given for the explanation of your answer only. Write your answers as completely as possible. If a polluting firm (for example, a steel produ..
Describe the functions of money and consider the U.S. dollar as an example. Although the U.S. dollar has little or no intrinsic value, why do people want it so much? Can you think of other example of things that act as money in our society?
currently there is an incumbent monopoly in a market. a potential entrant may enter. the incumbent can spend x dollars
The long-run average-total-cost curve shows. Total fixed costs generally decline as output is increased. Average total costs tend to be U-shaped. As output increases, average variable costs converge to average total costs.
How could union members’ current annual incomes decline on net even if a long-lived strike induces a firm’s management to increase the hourly wage rate? Sometimes union memberships coordinate work stoppages when all workers call in sick. From an econ..
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