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Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundredweight of cheese. One hundred weights are 100 pounds.) At that price, according to data from the USDA, the quantity of cheese formed in 2009 by U.S. producers was 212.5 billion pounds, and the quantity demanded was 211 billion pounds. To maintain the price of cheese at the price floor, the USDA had to buy up 1.5 billion pounds of cheese. The accompanying diagram demonstrate supply and demand curves illustrating the market for cheese.a. In the absence of a price floor, how much consumer surplus is created? How much producer surplus? What is the total surplusb. With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much consumer surplus is formed now
appraise baumol`s sales revenue maximazation theory as an alternative of the firm
1) The $787 billion stimulus package, "American Recovery and Reinvestment Act" passed in Winter 2009 contained a mix of tax rebates, tax credits and increases in various transfer p
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
suppose ismail were to eat five pizzas per week.what is the total value ismail would place on his five weekly pizzas?
what is reciprocal demand?
what is bains theory ? describe with the diagram
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
#1 explain with the aid of diagram the effect of an increase in demand for palm oil on the equilibrum position for palm kernel
please may you explain this concept
Durability of the Commodity: With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, tele
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