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Suppose that potatoes (an inferior good) are purchased primarily by poor people. The supply of potatoes to the market is seasonally limited by the size of the current crop q0 (i.e., the supply curve is perfectly inelastic in the short run), but demand slopes downward. In a proposal intended to aid the poor, it has been suggested that the government buy potatoes on the open market at the going price and resell them to the poor at half that price. With the aid of a diagram, analyze the effect of the proposed policy on (i) the poor, (ii) the potato farmers, and (iii) the tax payers.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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