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Much of the demand for U.S. agricultural output has come from other countries. From Example 2.4, total demand is Q = 3244 - 283P. In addition, we are told that domestic demand is
QD = 1700 - 107P.
Domestic supply is Qs = 1944 + 207P. Suppose the export demand for wheat falls by 40 percent.
a. US. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? Do the farmers have much reason to worry?
b. Now, suppose the U.s. government wants to buy enough wheat to raise the price to $350 per bushel With this drop in export demand, how much wheat would the government have to buy? How much would this cost the government?
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Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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