Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 9P
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1. Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals
a. Discuss the impact of the good harvest on each of the three markets.
b. Discuss the effect on the markets for each of the three products if the government implements a
c. How will this impact the revenues for sugar growers, rum producers and whiskey producers?
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