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- Illustrate and explain the effect of the increased use of plant-based milk on the overall milk market.Cite and explain some constraints that can affect the supply of agricultural products.Retail Demand is Q=16-Pr Farm Supply is Q=2+.5Pf Marketing Cost Per Unit is MC=$5.00 Quantity Retail Price Marketing Cost Farm-level Demand Price 2 4 6 8 10 Draw a graph of the market showing all relevant curves and functions on graph paper
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)30. Suppose there is currently a surplus of wheat on the world market. The problem ofexcess supply may be removed from the market by:(a) lowering the market price.(b) shifting the supply curve leftward.(c) shifting the demand curve leftward.(d) Both A and B are plausible actions.Question 18 In the diagrams below, the subscript "1" refers to the initial position of the curve, while the subscript "2" refers to the final position after the curve shifts, D2 -D1 D, (A) (B) P. D Q. (C) (D) Which diagram above illustrates the effect on the natural-gas market, with the widespread use of "fracking" or hydraulic fracturing by gas-drilling companies O A
- A dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the table below. The price of butter per pound is $0.5 and the price of cheese per pound is $2. If the dairy business wishes to maximize its profit, it will produce of cheese. Cheese gained (in pounds) Profit gained from increased Butter forgone (in pounds) Profit lost from decreased production of cheese production of butter (C) 1 1 1 1 a. 1 pound Ob. 3 pounds 4 pounds * c. Od. 2 pounds (A) (B) 2 3 4 5 6 (D) (E)Law of diminishing marginal utility is especially applicable in agriculture sector. Comment.Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans.
- 4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.A gasoline station very near a professional football stadium parks car on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain.1. Suppose that there are 1200 units of a nonrenewable resource available over two periods (0 and 1). Demand in each period is given by P = 2000 – Z. Marginal cost is constant at 400. The discount rate is 10 percent. (a) What is the dynamically efficient allocation of the 1200 units of the nonrenewable resource, and what will be the prices in the two periods?