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Suppose that the quantity of corn supplied depends on the price of corn(P) and the amount of rainfall (R). The demand for corn depends on the price of corn and the average level of income, Y: The equations describing the supply and demand relationships are
Qs = 20R + 100P
Qd = 4000 - 100P + 10Y
Sketch a graph of demand and supply curves that shows the effect of an increase in rainfall on the equilibrium price and quantity of corn. Do price and quantity increase or decrease?
Assume you own a home re-modelling company. You are currently earning short-run profits. The home re-modelling industry is an increasing-cost industry.
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Use the above data to answer the following questions-If the price of entertainment increases by 2 percent, what will happen to the quantity of food demanded? Please be specific
The following quotations are from an article in the Financial Times on November 9, 2007:
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Suppose that American households change their tastes such that they want to save more at every level of income.
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