Why farmers may be better-off when harvests are low

Reference no: EM13208154

In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm products why farmers may be better-off when harvests are low even if we ignore the money they receive from the set-aside program.

Reference no: EM13208154

Questions Cloud

Write a simple computer program : Write a simple computer program that ask the user for coordinate value in certain form, and then reports the number in all three forms. This will be repeated for input coordinates of all three forms.

Explain what volumetric flow rate of fuel gas : The flue gases leave the heater at 410 F. Of the entering methane, 70% burns to carbon dioxide and 30% burns to carbon monoxide. What volumetric flow rate of fuel gas is required if there are no heat losses to the surroundings?

What is the order of the leaf node : The order of a leaf node in a B+ tree is the maximum number of pairs it can hold. Given that the block size is 1K bytes, data record pointer is 7 bytes long, the value field is 9bytes long and a block pointer is 6bytes long, what is the order of t..

What would be the best choice of the degree : A B+ - tree index is to be built on the name attribute of the relation student. Assume that all the student names are o length 8bytes, disk blocks are of size 512 bytes , and index pointer are of size 4bytes. Given this scenariom, what would be th..

Why farmers may be better-off when harvests are low : In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm produ..

Compute the mass of the particle in kilograms : a particle has a velocity equal to 0.25 c and a wavelength of 1.3 x 10^-16 m. Calculate the mass of the particle in kilograms. c=3.0 x 10^8 m/s

Prepare a statement of cash flows : Prepare a statement of cash flows (indirect method) for the year ended December 31, Year 2 and prepare a side-by-side comparative statement contrasting two bases of reporting: (1) net income and (2) cash flows from operations.

Write the function xsort which takes in a list of strings : Write the function Xsort wich takes in a list of strings and returns sorted list with all words beginning wih "X" first in the list. f.ex: xsort (['kex', 'xylofonn', 'epli', 'xenos', 'asni']) returns ['xenos', 'xylofonn', 'asni', 'epli', 'kex'] th..

Create a class that simulates an alarm clock : In addition, have both constructors set the alarm clock as off. (you will need a Boolean variable that determines whether the alarm is on or off) . The function or method you use to set the alarm will set the alarm on.

User Account

All Pages