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Problem
Potato farming (like farming of most agricultural products) is highly competitive. Price is determined by demand and supply. Based on U.S. Department of Agriculture statistics, U.S. demand for potatoes is estimated to be Q D = 184 - 20P, where P is the farmer's wholesale price (per 100 pounds) and Q D is consumption of potatoes per capita (in pounds). In turn, industry supply is Q S = 124 + 4P. Find the competitive market price and output. Potato farmers in Montana raise about 7 percent of total output. If these farmers enjoy bumper crops (10 percent greater harvests than normal), is this likely to have much effect on price? On Montana farmers' incomes? Suppose that, due to favorable weather conditions, U.S. potato farmers as a whole have bumper crops. The total amount delivered to market is 10 percent higher than that calculated in part (a). Find the new market price. What has happened to total farm revenue? Is industry demand elastic or inelastic? In what sense do natural year-to-year changes in growing conditions make farming a boom-or-bust industry?
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Trapper Joe, the fur trader, has found that his production function in acquiring pelts is given by q = 2?H where q = the number of pelts acquired in a day, and H = the number of hours Joe's employees spend hunting and trapping in one day. Joe pays hi..
A local video store estimates their average customer's demand per year is Q = 7 - 2P, and knows the marginal cost of each rental is $0.5. How much should the store charge for an annual membership in order to extract the entire consumer surplus via an..
Suppose that the goverment of the city of Udellum, wich has a Baa credit ratng issues a bond with the same time to maturity in a market that is just as liquid as the market for corporate bonds. Suppose that investors have a federal tax rate of 30 ..
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Presentation to be presented to the CEO's executive committee that addresses how your chosen organization determines what quantity of labor to demand and what events could shift the demand and supply of that labor.
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