an ingredient in whiskey. Rum and whiskey are substitutes in consumption. (i) Discuss the impact of the good harvest on each of the three markets. (ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers,
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- Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(ii) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers,rum producers and whiskey producers? (b) Identify a newspaper article that illustrates a market failure in Barbados. NOTE: Only the following market failures should be examined: public good,asymmetric information, positive or negative externality.(i) Provide a brief summary of the main points in the article. (Maximum 30 words)(ii)Identify the type of…1. Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. a. Discuss the impact of the good harvest on each of the three markets. b. Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. c. How will this impact the revenues for sugar growers, rum producers and whiskey producers?
- Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes for consumption. 1. Discuss the effect on the markets for each of the three products if the government implements a price restriction (price floor) in the sugarcane market with the aim of protecting the farmers. 2. How will this impact the revenues for sugar growers, rum producers, and whiskey producers?Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. Discuss the impact of the good harvest on each of the three markets. Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?(a) Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes for consumption. (i) Discuss the impact of the good harvest on each of the three markets. (ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers, and whiskey producers? (b) Identify a newspaper article that illustrates a market failure in your assigned Caribbean country. Ensure that you provide a screenshot of the article in your submission. NOTE: Only the following market failures should be examined: public good, asymmetric information, positive or negative…
- Ethanol, a fuel, is made from corn. Ethanol production increased 5.5 times from 2000 to 2008 and another 34% from 2008 to February 2013 (www.ethanolrfa.org). What effect did this increased use of corn for producing ethanol have on the price of corn and the consumption of corn as food? 1.) Use the line drawing tool to draw either a new demand curve (D2) or a new supply curve (S,) that shows how the increased use of corn for producing ethanol affects the market for corn as food, Properly label this line. 2.) Use the point drawing tool to indicate the new market equilibrium. Label this point 'e2'. Carefully follow the instructions above, and only draw the required objects. What happens to the equilibrium price and equilibrium quantity of corn as food? In the market for corn as food, the equilibrium price V and the D1 Q1 equilibrium quantity Q, quantity of corn as food ... $. price of cornAnswer the following questions by using demand and supply analysis.a) Beef supplies are sharply reduced because of a drought in the animal raising cities, and consumers turn to chicken as a substitute for beef.i. How would you illustrate this change in the beef-market in supply-anddemand terms? How do the equilibrium price and equilibrium quantity of beef change?ii. How would you illustrate this change in the chicken-market in supply-anddemand terms? How do the equilibrium price and equilibrium quantity of chicken change?b) During the summer months, the price of ice cream increases and the quantity of ice creams sold also increases. Is this a violation of the law of demand? Briefly explainand discuss your response.5- (10 pts)Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1hour.a) Draw the PPF lines for Elif and Ahmet.b) If each spends 30 minutes of each hour for producing pies and 30 minutes for producing cakes, how many pies and cakes does…Question 8 (1 point). If X and Y are substitutes, and if the marginal cost of producing X increases, which of the following WILL occur? 1. The quantity demanded of X will decrease. II. The equilibrium price of Y will increase. III. The supply of X will increase. OI, II and III. I only. Il only. I and II only.
- Suppose the equilibrium price and equilibrium quantity of gold both increase. Which of the following would produce such a change? A. The market supply curve for gold could have increased or the market demand curve for gold could have increased. B. The market supply curve for gold could have increased. C. The market supply curve for gold could have increased or the market demand curve for gold could have decreased. D. The market demand curve for gold could have increased. E. The market demand curve for gold could have decreased.If E were the old equilibrium in the market for wheat in the figure below, and E' the new one, which of the following could have caused the change? E' (E D' D2 Consumer income rose, causing a supply shift. Bad weather caused a supply shift. Supply and demand both shifted. Consumer income rose, causing a demand shift. All of the above are plausible descriptions. а. b. c. d. e.Consider the market for corn. Indicate whether each of the following events will cause a rightward shift in the demand curve (select all that apply). A A drought hits corn-growing regions, cutting the supply of corn. B The government announces a new subsidy for biofuels made from corn. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good). D A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre. E An advertising campaign by the beef producers' association highlights the health benefits of corn-fed beef.