Asap please...... Question 1Record U.S. corn crop, up 24%, is forecast. The USDA reportedthat world corn production will be 9.9 percent greater than lastyear's, while U.S. corn production will be 24 percent larger. Theprice of corn is expected to be 46 percent higher than last year'sprice. Did Starbucks start a pumpkin boom? Ever sinceStarbucks introduced its famed pumpkin spice latte about aDecade ago, pumpkin sales have skyrocketed. The price ofpumpkin increased from $286 per ton in 2000 to $732 per ton in2014 (both prices in 2014 dollars) and the quantity producedincreased from 423,000 tons in 2000 to 657,150 in 2014.Calculate the U.S. price elasticity of supply of pumpkin: Is itssupply elastic?Question 2A survey found that when incomes increased by 10 percent, thefollowing changes in the quantities demanded occurred: springwater up by 5 percent; sports drinks down by 2 percent; cruisesup by 15 percent. For which good is demand income elastic? Forwhich good is income inelastic? Which goods are normalgoods?The table shows the demand and supply schedules forsandwiches. Use the table to work Questions 3 & 4.QuantitydemandedPriceQuantity(dollars persuppliedsandwich) (sandwiches per week)350300250200150100100200Question 3Calculate the equilibrium price of a sandwich, the consumersurplus, and the producer surplus. What is the efficient quantityof sandwiches?Question 4If Sandwiches To Go, Inc., buys all the sandwich producers andcuts pro- duction to 100 sandwiches an hour, what is thedeadweight loss that is created? If Sandwiches To Go, Inc.rations sandwiches to two per person, by what view of fairnesswould the allocation be unfair?

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Question 1 Record U.S. corn crop, up 24%, is forecast. The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price. Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte about a Decade ago, pumpkin sales have skyrocketed. The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic?

Question 1 Record U.S. corn crop, up 24%, is forecast. The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price. Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte about a Decade ago, pumpkin sales have skyrocketed. The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 8.3IP: Hand Sanitizer Due to the H1N1 flu outbreak, the demand for hand sanitizer has tripled. Should...

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1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil. Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Explain how revenue for sugar cane would have been impacted in July 2018relative to the early 2000s.
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The reaping, processing and sale of sugarcane is a booming sector. However, the late1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil.Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Illustrate and explain how the market for sugarcane will maintain equilibriumover time given the problem that exists in the late 1990s and early 2000s. B. Explain how revenue for sugar cane would have been impacted in July 2018relative to the early 2000s.
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