A binding price floor causes: a shortage in the market. b. wasted resources. C. a surplus in the market. d. a surplus in the market and wasted resources
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- The table shows the market for tulips. Price (dollars per bunch) Quantity demanded Quantity supplied (bunches per week) 10 100 40 12 90 60 14 80 80 16 70 100 18 60 120 If tulips are taxed at $6 a bunch, what is the tax revenue? Tax revenue is $______ a week.What is an example of the "invisible hand" of the market? A. the government forbidding internet providers from blocking some websites. B. store A lowering its prices to compete with Store B and attract customers C. a store manager figuring the cost of hiring an extra worker for the holiday season .Indian government realized free market price of wheat is very low. To increase farmers’ welfare government took the following steps: a) Suppose the government imposes a binding price floor in the wheat market. How this policy will affect the price, quantity demanded and quantity supplied of wheat. b) Wheat farmers complained that this binding price floor reduced their revenue. Explain how it reduced their revenue. c) In response to wheat farmers’ complaints, government purchases all the surplus quantity at the minimum price decided by the government. Who are the beneficiaries and who loses due to this price floor?
- (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…Consider an economy where many farmers plant and sell sugar cane for a living. (a) Discuss the welfare effects when the government implements a price floor in the sugar cane market to help the sugar cane farmers. Support your answers with a suitable sugar cane market diagram. Are the sugar cane farmers better off with this policy? Explain. (b) How would your answer be different if the government commits to buy up all the sugar cane at the floor price from the farmers and sell to the consumers at a lower price to clear the stock? Discuss and support your answers with a suitable sugar cane market diagram.Assume that the government sets a price floor in the market for wheat and the price floor is set below themarket equilibrium of wheat. Discuss carefully THREE points showing effectiveness of this policy on the market. Please provide with 3 points
- a. What is a Market Equilibrium? Using the given demand and supply schedule, draw market equilibrium and show the equilibrium price and quantity. supply and demand for pizza price Quantity Quantity demanded supplied(pizza per (pizza per($per pizza) semester) semester) 10 0 408 10 306 20 204 30 102 40 00 125 0 b. How will the market equilibrium of pizza market alter if, i. There is an increase in the pocket money of the students. ii. Price of cheese gets lowered. iii. Price of burgers get is reduced. iv. Use of Electric Oven makes it easy to prepare pizza.Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on market price and supply b. Corn grains are imported. Demand remains the same. Show effects on market price and supply c. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former d. Market price of palay is Pl5/kilo, Government increases it to P20/kilo. Show effects e. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve.Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on market price and supply b. Corn grains are imported. Demand remains the same. Show effects on market price and supply c. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former d. Market price of palay is Pl5/kilo, Government increases it to P20/kilo. Show effects e. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve. NOTE: PLEASE DON’T DO IT IN HAND-WRITTEN.
- A market is described by the following supply and demand curves: QS=2P andQD =300-2Pa. Solve for the equilibrium price(in $) and quantity.b. Two policies have been suggested to the government i) a price floor of $90 or anii)price ceiling of $90. Which policy government can take and why?c. For the adopted policy in b) what will be the price, quantity demand, quantitysupply, shortage, and surplus?QUESTION 1 (a) With aid of production possibility frontier, explain the concepts of scarcity, choice and opportunity cost. (b) Give an example of a price ceiling and an example of a price floor. Which causes a shortage of a good—a price ceiling or a price floor? Justify your answer with a graph.Assume that the government sets a price floor in the market for wheat and the price floor is set below themarket equilibrium of wheat. Discuss carefully THREE points showing effectiveness of this policy on the market.
