Price per Bushel (dollars) Quantity Demanded (bushel…
Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000 6 28,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 The table contains information about the corn market. Answer the following questions based on this table. 37) An agricultural price floor is a price that the government guarantees farmers will receive for a particular crop. Suppose the federal government sets a price floor for corn at $12 per bushel. What is the amount of shortage or surplus in the corn market as a result of the price floor? If the government agrees to purchase any surplus output at $12, how much will it cost the government?
Read Details34) Suppose that in Germany, the opportunity cost of produci…
34) Suppose that in Germany, the opportunity cost of producing a gallon of beer is 5 gallons of wine. In Italy, the opportunity cost of producing a gallon of beer is 3 gallons of wine. What is the opportunity cost of producing a gallon of wine for Germany? What is the opportunity cost of producing a gallon of wine for Italy? Which country has a comparative advantage in the production of beer? Which country has a comparative advantage in the production of wine?
Read DetailsPick one of the following topics and construct a 3 paragraph…
Pick one of the following topics and construct a 3 paragraph essay. Please double-space your paper. Make sure to include an introduction paragraph, body paragraph, and concluding paragraph. Explain what life would be like without cell phones. Explain what life would be like without laws. Explain what life would be like without electricity. What would be the best career/job for you and explain why. Who is your role model and explain why. Choose a controversial issue and discuss your opinion on the matter.
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