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Draw a graph to illustrate the soybean market when the soybean price was low. Show the quantity of soybeans produced, the subsidy farmers received, and the dead
In the market for corn with a price support, explain why the corn price has risen and ended up being too high to "trigger payouts."
Explain the effect of this tax cut on the price of gasoline and the quantity bought if, at the same time, a global shortage of oil sends the price up.
Sugary drinks cost California $41 billion a year in medical expenses. On the basis of what principle would this tax be fair?
Would a tax per mile driven be more efficient or less efficient than a tax per gallon of gasoline? Explain your answer.
What assumptions about the elasticities of demand and supply for high-wage labor and capital might be consistent with this assessment?
Calculate the marginal tax rates for bakers, gas pump attendants, and copy shop workers. Is this tax progressive or regressive?
Calculate the average tax rate and marginal tax rate that Larry pays and that Suzy pays. Is this income tax fair? Explain.
The supply of roses in US States is made up of U.S.-grown roses and imported roses. Draw a graph to illustrate U.S. rose market with free international trade.
Who in the United States loses from this trade in roses and would lobby for a restriction on the quantity of imported roses?
Show on your graph the consumer surplus that is redistributed to producers and importers and also the deadweight loss created by the import quota.
Explain who, in the United States, gains and who loses from this tariff on paper. How do you expect the prices of magazines and textbooks to change?
What is dumping? Who in the United States loses from China's dumping of glossy paper?
Explain who in the United States would gain and who might lose from dismantling trade barriers between the United States and India.
Pricier bread and cereal. Coming soon? Wheat and corn prices surged. Explain why the drought will lead to a rise in the price of bread.
Use graphs to show why the price of corn has risen and show its effect on the price of cereals.
Explain how the cancellation of orders change the market for steel. What happens to the equilibrium price of steel?
Calculate the percentage changes in the quantity demanded of plane rides and train rides.
Given the rise in the price of a plane ride, what percentage change in the price of a train ride will leave the quantity demanded of train rides unchanged?
Record U.S. corn crop, up 24%, is forecast The USDA reported. Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?
Rain falls on wheat parade The price of wheat has fallen from $9 a bushel to $7. Explain the effect of the fall in the wheat price on the market for cereals.
Explain why the reduction of herds will lead to a rise in meat prices today. Draw a graph to illustrate.
Use the total revenue test to determine whether the demand for home heating oil is elastic or inelastic.
If the price of a wool sweater did not change, calculate the cross elasticity of demand for wool sweaters with respect to the price of home heating oil.
Would you recommend that Pete raise or lower his price of cookies? Explain your answer.