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A change in price of fertilizer (or any other input) will shift the firm's supply curve of wheat. Likewise, a change in the technology of producing wheat, such as precision agriculture or GMO seeds, will shift the supply curve of wheat. Illustrate this change/shift in wheat market equilibrium. Draw a "new" supply curve in This Diagram (use arrows to show the direction of the shift in supply). Label your Supply as "S" and Demand "D". Save and upload your diagram. List four other non-price supply determinants/shifters.
Congress shall not levy taxes or impose quotas on either imports or exports: Analyze and discuss how you think it would work. Provide a Biblical analysis as well. Back up your answers/remarks with quotations from your text, other written sources, ..
Suppose two firms are competing in prices (Bertrand) in an industry where demand is p=200-4Q. If both firms have MC=120, what is the equilibrium quantity for each firm? Profits? Suppose one firm has MC=120 and one has MC=100. Approximately how much p..
Explain how each of the following will affect the economy, by analyzing each case in an SRAS-AD diagram and determine in each case the effects on real GDP and the general price level: “Fracking” for gas and oil expands, and oil & energy prices in the..
The case for the Federal Reserve independence includes the idea that
The money demand curve is shown in a graph with interest rate on short term assets on the vertical axis. Why use short-term interest on the vertical axis and not the rate of return on other financial asset? What will happen to the money supply is Jam..
Jamaica is a small open economy that has a trade surplus. Use savings/investment diagrams to answer the following: Suppose the Government of Jamaica decides to raise taxes. How will the equilibrium amount of savings, investment, and trade balance be ..
Switch grass was promised to be the new crop that would replace corn as the primary feedstock for bio-fuels a couple of years ago. Why have we still not switched to switch grass.
Write a brief essay, analyzing the situation using the tools of market supply and demand and cost analysis that we have developed in this course, drawing graphs as needed to illustrate your analysis.
Construct a model to conclude your allocation of study hours. Include as assumptions points you "gain" from an hour of study time in each subject and your desired outcome on each test.
A volunteer ambulance service handles 0 to 5 service calls on any given day. The probability distribution for the number of service calls is shown below. NUMBER OF SERVICE CALLS PROBABILITY 0 .10 1 .15 2 .30 3 .20 4 .15 5 .10 What is the expected val..
Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be be $60,000, and if it sold 1000 units perday, it would have a total cost of $5..
Two firms (A and B) are planning to produce a new soft drink for the summer. The soft drinks produced by the two firms can differ only in the level of sugar, aside from that they will be exactly equal. What prices will firms set in equilibrium? To ge..
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