Regarding the problem/article below, as a professional in economics, do you think it is necessary for the government to intervene in this problem and why? ANCHORAGE – Thousands of salmon fishermen stayed in port Thursday to protest low prices they blameon the Japanese, and the governor delayed the opening of fishing in one area to prevent violence.Representatives for processors and fishermen were to meet in the Bristol Bay village of Naknek Thursdayto discuss the strike, involving about 3,000 fishermen. Alaska's salmon catch was worth more than $500million last year. Fishermen in the Bristol Bay area started the strike Tuesday, at the beginning of the briefBristol Bay harvest, to protest prices that tumbled from more than $1 a pound last year to about 47 centsthis year. Processors paid more than $2 a pound. Bristol Bay is in Alaska's southwest, just north of wherethe Aleutian Island chain begins. Nearly all its harvest is shipped in Japan. The strike spread Wednesdayto Kadiak and Cook Inlet, and Gov. Walter J. Hickel postponed the opening of red- salmon fishing in theEgegik district of Bristol Bay for 24 hours to prevent violence between striking and non-striking fishermen."I think the Japanese are just trying to find out how cheap we will fish," said Drew Sparlin, a fishermanfrom Kenai. "I assume somewhere along the line if Bristol Bay went fishing for 50 cents and we wentfishing for 75 cents or a dollar, next year we would have to fish for 50 cents, and they would have to fishfor 25." But Alec Brindle, president of Seattle-based Ward Cove Packing, said prices are low because"there's just a pile of fish around." "This is just the operation of the law of supply and demand," he said."Anybody who's been reading the statistics would now that there's a worldwide surplus of salmon.Alaska's no longer the sole source."Ownership of the 10 major seafood processing plants in the Bristol Bay region is dominated by Maurbent,according to a state legislative study. Other Japanese companies with controlling ownership shares inBristol Bay area processors are Nichiro G.K., Ltd. And Yuasa-Funashoku, according to the study. Localgovernment offices and businesses shutdown Tuesday for 24 hours in solidarity with the fishermen,according to borough manager Ed Peffermen. "The community is dependent on fishing, so the borough isvery sympathetic to the strike," he said. Low salmon prices hurt the borough, which collects its revenuesfrom a raw fish tax, he said. Salmon fishermen throughout the state have been disappointed with thisseason's prices, depressed by high inventories worldwide of frozen and farmed salmon, officials said. "Wewant to focus national attention on what is happening out in Bristol Bay," said salmon fisherman FredPike, mayor of the Bristol Bay Borough and an organizer of the strike.

The markets are considered to be of utmost importance for the development and growth of the…

Answered: Regarding the problem/article below, as…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

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Salmon fishermen stay in port in price protest From Chicago Tribune wires ANCHORAGE – Thousands of salmon fishermen stayed in port Thursday to protest low prices they blame on the Japanese, and the governor delayed the opening of fishing in one area to prevent violence. Representatives for processors and fishermen were to meet in the Bristol Bay village of Naknek Thursday to discuss the strike, involving about 3,000 fishermen. Alaska’s salmon catch was worth more than $500 million last year. Fishermen in the Bristol Bay area started the strike Tuesday, at the beginning of the brief Bristol Bay harvest, to protest prices that tumbled from more than $1 a pound last year to about 47 cents this year. Processors paid more than $2 a pound. Bristol Bay is in Alaska’s southwest, just north of where the Aleutian Island chain begins. Nearly all its harvest is shipped in Japan. The strike spread Wednesday to Kadiak and Cook Inlet, and Gov. Walter J. Hickel postponed the opening of red- salmon…
Salmon fishermen stay in port in price protest From Chicago Tribune wires ANCHORAGE – Thousands of salmon fishermen stayed in port Thursday to protest low prices they blame on the Japanese, and the governor delayed the opening of fishing in one area to prevent violence. Representatives for processors and fishermen were to meet in the Bristol Bay village of Naknek Thursday to discuss the strike, involving about 3,000 fishermen. Alaska’s salmon catch was worth more than $500 million last year. Fishermen in the Bristol Bay area started the strike Tuesday, at the beginning of the brief Bristol Bay harvest, to protest prices that tumbled from more than $1 a pound last year to about 47 cents this year. Processors paid more than $2 a pound. Bristol Bay is in Alaska’s southwest, just north of where the Aleutian Island chain begins. Nearly all its harvest is shipped in Japan. The strike spread Wednesday to Kadiak and Cook Inlet, and Gov. Walter J. Hickel postponed the opening of red- salmon…
Salmon fishermen stay in port in price protest From Chicago Tribune wires ANCHORAGE – Thousands of salmon fishermen stayed in port Thursday to protest low prices they blame on the Japanese, and the governor delayed the opening of fishing in one area to prevent violence. Representatives for processors and fishermen were to meet in the Bristol Bay village of Naknek Thursday to discuss the strike, involving about 3,000 fishermen. Alaska’s salmon catch was worth more than $500 million last year. Fishermen in the Bristol Bay area started the strike Tuesday, at the beginning of the brief Bristol Bay harvest, to protest prices that tumbled from more than $1 a pound last year to about 47 cents this year. Processors paid more than $2 a pound. Bristol Bay is in Alaska’s southwest, just north of where the Aleutian Island chain begins. Nearly all its harvest is shipped in Japan. The strike spread Wednesday to Kadiak and Cook Inlet, and Gov. Walter J. Hickel postponed the opening of red- salmon…
THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Find the equilibrium price and quantity. Suppose that a new technology has emerged that will enable firms to mass produce the cell phones at a reduced cost. Which curve will be affected and what will be the general outcome? Going back to question (b), if the new equilibrium price of a disposable cell phone is $11.25, how many disposable cell phones will be demanded by consumers? Derive the new function based on your analysis.
In early 1998, Luis Tellez, Mexico’s oil minister, held a secret meeting with his Saudi Arabian counterparts. As a government official, he decides how many barrels of oil Mexico would produce and sell to other countries. The purpose of a secret meeting was to increase earnings, or revenues, from selling oil by raising world price of oil, which had fallen 50% over the previous two years. The low oil price was creating serious problems for both governments. A plan to increase oil price will not succeed unless other oil-exporting countries were willing to reduce oil production. Why? Why not just raise prices? To make the plan work, Tellez had to persuade his fellow oil ministers to produce less. But how much less? What information he needs to know in order to answer this question?
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In 2014, a major ice storm hit the southeastern U.S. The stormbrought down power lines and trees, cutting electricity in manyareas, making travel difficult, and slowing down repair crews.Heating homes became a major challenge. The storm createdshortages of power generators. As a result, those products sold atprices much higher than normal. These high prices provoked cries of “price gouging” and calls on the government to impose price controls to prevent gouging. While no one likes to pay a higher price than normal for something, consider what would have happened with a price ceiling. The economic intuition is revealing.Draw a diagram showing the market for generators with anequilibrium price at $250. Now impose a price ceiling at $200 pergenerator. What would be the impact of the price ceiling on thequantity demanded? On the quantity supplied? Who would benefitfrom the price ceiling and who would be harmed? Let the graph guide your thinking. Don’t start with your gut reaction! Did the…
Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case. What happens to the supply of Spices if the US government withdraws an embargo on imported Spices from Iran?
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A LOAF OF BREAD FOR A JUG OF WINE Sen. Percy of Illinois reports that when he flew over his home state the other day on a visit he looked down and saw they were growing corn in the cemeteries. He was kidding, but with farmers looking at $5 wheat, $3.50 corn, and $10 soybeans they certainly should be planting up to the doorways. . . . Whether they realize it or not, consumers benefit from those high prices in ways that are not obvious to them, even if they do recognize that $5 wheat is a compelling incentive to plant up to the doorways and maximize prospects that supply will rise to meet demand. What also needs to be recognized is that we can now buy a barrel of foreign crude oil with less than a bushel of wheat, and a year ago it took almost 2lA bushels to get that barrel. While the U.S. dollar buys 20% less abroad than it did 18 months ago, the value of our chief exports has risen by 200% to 300%. The export of U.S. food and feed grains should be seen from this perspective. The…

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