Wheat producers lobby the government for a price

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Reference no: EM1320487

Q1. Using demand also supply analysis, explain why this new process will not cause a surplus of crude oil. If no surplus is created, then illustrate what will be the impact of this process on the marketplace for crude oil?

Q2. Is it possible to have diminishing returns to a single factor of production also constant returns to scale at the same time? Explain briefly.

Q3. Assumes that wheat producers lobby the government for a price floor also receive one. This price floor is set at PF. Illustrate what has occurred to the producers' surplus as a result of the imposition of the price floor?

Reference no: EM1320487

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