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(1) Use demand and supply analysis to illustrate the impact on the equilibrium price and quantity in the corn market of the following. (Note: assume relatively elastic linear demand and supply curves all questions)
a. The price of wheat goes up.
b. The price of fertilizer goes up.
Bill O'Really of OX News observed that poultry (chicken and turkey) consumption in the US increased dramatically over the 2000 to 2006 period. This he believed was due to the fact that consumers, being more health conscious, switched from red meat to poultry, in an effort to eat healthier foods. Intrigued by these findings, Bill contacted the US Department of Agriculture for additional information. The department provided him with data that yielded two findings. First, there was a 75% decrease in the price of poultry over the period and second, there was widespread adoption of cost reducing innovations in poultry processing. Being a supposedly brilliant journalist, Bill concluded that the demand curve for poultry had shifted to the right.
a. Is Bill's conclusion correct or incorrect? Explain your answer using supply and demand diagrams.
Which of the following statements about the relationship between aggregate spending and aggregate income is true?
Calculate the present worth of a 4.5%, $5,000 bond with interest paid semiannually. The bond matures in 10 years, and the investor wants to make 8% per year compounded quarterly on the investment.
q1. how are protectionist policies from other countries predicted to affect chinas relative supply and relative
Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1–7% regularly. Explain the difference between active and passive monetary policy. Suppose the economy is in long-run equilibrium, with real GDP at $1..
Explain briefly the ethical situation. What are the all the different actions you could have taken. What are the consequences of each of these actions.
Suppose three firms compete in prices in an homogeneous good market. Their costs are the same, mc = 10 (marginal cost). Find the equilibrium prices of this game. (Are there many equilibria? If so, notice what all of them have in common).
Converse the latest equilibrium price also quantity to result from these changes.
Discuss Daniel Kahneman’s Mckinsey interview, and the message he delivers in regards to the risk involved in using inside information (one of the persistent problems in decision theory – with numerous recent examples, including the Financial Crash of..
Illustrate what role does comparative advantage play in trade among member nations
Discuss the effect the credit market crisis in the United States in 2008 had in the market for existing single-family homes. Assuming the demand for existing single-family homes is relatively inelastic, what is likely to happen to the total revenues ..
How high should a monopoly set its prices in order to maximize profits? When you post a response to this question, place it in the context of one of the following examples:
If she has invested in a stock fund that averaged a 15% rate of return over that period, and she expects to make the same annual investment and get the same performance in the future.
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