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Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
Using the same model, explain and illustrate the impact of the glut of milk on the market. Clearly explain the equilibrating process.
If you were the Minister for Agriculture in the Victorian Government, and the Victorian Dairy Farmers Association asked you to support their members by imposing a legal minimum price, would you support or reject their request. Use an economic model to explain why you reached your decision.
With the aid of appropriate diagrams, what possible alternative programs could the government implement to increase the prices farmers receive in the market? How does your answer compare with question 3 above? Explain
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
why constant return to scale is important
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Circular Flow of Income: The diagram shows Real Flow (goods and services) and Monetary Flow (Income and expenditure). The bottom pair of arrows depicts the goods market.
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
Analysis of business portfolio by using Boston Consultant Group (BCG) Matrix.
explain the cobweb model of equilibrium
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
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