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Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (In real life the actual price floor was officially set at $16.10 per hundredweight of cheese. One hundredweight is 100 pounds.) At that price, according to data from the USDA, the quantity of cheese produced in 2009 by U.S. producers was 212.5 billion pounds, and the quantity demanded was 211 billion pounds. To support the price of cheese at the price floor, the USDA had to buy up 1.5 billion pounds of cheese. The accompanying diagram shows supply and demand curves illustrating the market for cheese.
In the absence of a price floor, the maximum price that a few of the consumers are willing to pay is $0.20 for a pound of cheese whereas the market equilibrium price is $0.13 per pound. The graph also shows that the minimum price at which a few of the producers are willing to sell is $0.06 per pound. In the absence of a price floor, how much consumer surplus is created?
b. How much producer surplus?
c. What is the total surplus?
What are the three factors that determine the behavior and ultimate value of people in an organization? From a manager’s perspective, which is the most important factor of the three? Give an example, supporting your choice.
If the government wanted to achieve the same change in GDP as in part 8 by cutting taxes instead of increasing spending, how large would the tax cut need to be.
Briefly describe a product or service you use every day and suggest a better approach to advertising that product/service than is currently being used. Explain your rationale.
A corporation's marginal tax rate is 34 %. An outlay of $35,000 is being considered for a new asset. Estimated annual receipts are $20,000 and annual disbursements are $9,000. The useful life of the asset is 5 years, and it has no salvage value. Assu..
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When a firm pursues a predatory pricing strategy, it does so
If the entry barrier is removed consumers will be better off because consumers will enjoy greater consumer surplus. Explain.
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one receives a higher salary with the successful completion of degrees or the earning of diplomas. Elucidate how the sheepskin effect is analogous to SIGNALING MODEL.
Yolanda runs a bulldog farm and when she employed one person, she produced 1,000 bullfrogs a week. Construct Yolanda's total variable cost and total cost schedules. Illustrate what is Yolanda's total fixed cost.
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