The price of U.S.-produced long grain rice fell by 40 percent from January 1999 to January 2000. In response to the price fall, growers of U.S. long grain rice planted 17 percent less on acreage in 2000. If the harvest also decreases by 17 percent. 2a. How would you describe the supply of U.S. long grain rice (Elastic, Inelastic, Unit Elastic)? 2b. Calculate the price elasticity of supply of U.S.-produced long grain rice? 2c. If the price of long grain rice remains the same, do you think the elasticity of supply will change over the coming years?

Q: If the number of employed workers fell to 150 million and the working-age population increased to…

A: Employment  If a person worked for pay or profit during the survey reference week, they are deemed…

Q: U = X^3 * Y Find demand for X and Y

A: In economics, a budget constraint represents all the combinations of goods and services that a…

Q: Question 5 Consider a corn farmer with one acre of land. In addition to land, other factors include…

A: The Marginal product refers to the change in the total product when additional unit of variable…

Q: The demand and supply schedules in this table list the quantity supplied and quantity demanded of…

A: Demand and Supply  Find out the cost of the goods and how much is produced and consumed.By making…

Q: A firm makes beer and its cost function is C(q) = 4+q². Are there economies of scale?

A: Economies of scale refers to the situation when average cost decreases with increase in production

Q: he following two incidents involve simultaneous shifts in the demand and the supply curves. Analyze…

A: The equilibrium is established where the demand and supply for houses are equal. The change in the…

Q: 6) The figure below shows a student's feasible frontier and her indifference curves for final exam…

A: Two commodities are ideal substitutes for one another - For this situation, the detachment bend is a…

Q: The GDP of the U.S. in 2002 was around $10 trillion. This means   Group of answer choices All of…

A: GDP or Gross Domestic Product is the sum total of the market value of final goods and services…

Q: The demand and supply schedules in this table list the quantity supplied and quantity demanded of…

A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…

Q: An increase in the price of eggs is likely to: A. Shift demand for eggs to the left. B. Shift supply…

A: The demand curve for eggs depicts the quantity of demanded eggs at each price level of eggs, keeping…

Q: 4. Give an example of a negative externality and an example of a positive externality..?

A: Positive and negative externality along with the examples is to be determined.

Q: With the news that the construction industry is on the rise again in the U.S., the major car…

A: The supply of pick-up trucks increased due to major car manufacturers increasing the production of…

Q: When the price of good Y increases from $2 to $3, the quantity demanded for good X decreases from 20…

A: "Cross-Price elasticity of demand between two commodities indicates how responsive is the demand for…

Q: 17. With imperfect asset substitutability, sterilized purchases of foreign exchange can cause the…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Suppose that the equation of a supply function is as follows: Q=25P 1. Sketch this supply function…

A: We are given the supply function as:  Q = 25P

Q: 8. Question 8 options: Absolute cost advantage theory was proposed by--------

A: Ans. Absolute cost advantage theory explains that a country or business produces and exports goods…

Q: A consumer earns a wage of 20 dollars per hour and has an unearned income of $100 per day. What…

A: wage rate = $20 per hour unearned income = 100

Q: If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of…

A: 1) In the GDP computation all the final items and services produced within the boundary of country…

Q: A- An enterprise agreement is a document lodged with the Fair Work Commission that_ A. provides…

A: Solution: The Fair Work Act operates alongside state, federal, and territory legislation on…

Q: Consider two individuals, Dave and Eva. Both Dave and Eva have initial wealth 810, 000 and face a…

A: In the study of economics, the term utility can be defined as the total satisfaction or benefit that…

Q: Examples of deflators are the and deflator personal consumption expenditure; gross domestic product…

A: Deflator is a value that is used to measure inflation through changes in current prices or wages…

Q: Consider the following cash flow:   A1=−900   A2=−1,100,   A3=−1,300   A4=−1,500.…

A: Given the cash flow schedule Period Cash flow 0   1 -900 2 -1100 3 -1300 4 -1500…

Q: A small company heats its building and will spend $9,592 in year 1 on natural gas for this purpose.…

A: Given  Cost of natural gas in year 1 = $9592 The annual increment in the cost of natural gas is 9%…

Q: 5) Consider indifference curves for the consumption of milk and chocolates (you may assume that both…

A: The indifference curve refers to the curve that shows the combination of two goods in various…

Q: Write a paper using the following headlines: Describe what panel data is and the reasons for using…

A:

Q: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the…

A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…

Q: Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows…

A: The Production Prospects Frontier (PPF) is a chart that shows every one of the various mixes of…

Q: The Fisher equation implies the real interest rate equals expected inflation expected inflation…

A: In economics, the Fisher Effect equation is a potent tool. The relationship between nominal interest…

Q: What end-of-month deposits for the first six months should Joshua have if he is planning to withdraw…

A: Given that, The equal amount Joshua is planning to withdraw for the tenth, eleventh and twelfth…

Q: e. What is the cross-price elasticity of demand for good X as the result of a given percentage…

A: The formula for cross price elasticity is given by: (% change in quantity demanded of good…

Q: Vince loaned a certain amount from a cooperative and promised to pay it back with 2.33 times his…

A: Loan Amount = A Maturity Amount = 2.33A r = 10.42%

Q: Barriers to entry exist for perfectly competitive firms. restrict the entry of new firms into the…

A: Trade barriers are one of the most important factor which differentiates perfect competition and…

Q: The implementation of a new labor-complementing technology will make the labor demand curve Select…

A: The demand for labor is an economics rule derived from the demand for a firm's output. If firm's…

Q: A) Can the government tax its own agencies or instrumentalities? Explain.

A: No. Most state agencies and local government entities in most cases are exempt from paying taxes.…

Q: 1, $5,200 is invested each year at 4% compounded annually for 10 years. At the end of this time,…

A: Future value is a value of an investment or asset on a specific date in the future. To put it…

Q: Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that…

A: To find the future worth after 14 months firstly we need to find monthly compounding interest rate .…

Q: What is a likely outcome if multilateral trade and investment liberalization fails to progress?…

A: The multilateral trade and investment liberalisation is a process in which large number of countries…

Q: Profitability Index A project has an initial cost of $40,000, expected net cash inflows of $12,000…

A: Hence the answer

Q: You are considering going to a football game. However, the roads are cover in ice due to bad…

A: Utility Function : U(Z) + U(D) = ln (Z - 3) - ln(2-D)  Also it is given that , D = 1  So utility…

Q: Which of the following is NOT included in 2004's GDP?   Group of answer choices The profit earned…

A: When talking about the calculation of gross domestic product to determine the national income, it…

Q: Cookie Chocolate chip Peanut butter Oatmeal Sugar/shortbread Other Total Frequency 483 231 147 126…

A: The survey is taken for 1050 adults and we are given the frequency distribution for the same.

Q: Consider the following supply and demand curves: Demand: Price = 50-3.5*Qd Supply: Price = 20+.5*Qs…

A: To find the subsidy bill we firstly need to find the final equilibrium quantity after the subsidy is…

Q: The following graph shows the market for roses in 2008. Between 2008 and 2009, the equilibrium price…

A: The demand for a decent is an inverse function of its price while the supply is a positive function…

Q: The minimum wage in Arizona is $10.50. This is higher than the federal minimum wage of $7.25. Which…

A: Macroeconomics refers to the branch of economics that deals with the economy as a whole. For…

Q: George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: show if completness imply transtive, and transitive imply completness prove

A: Completeness does not imply transitivity. Transitivity does not imply completeness.   Explanation:…

Q: 53) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary…

A: When a firm encounters a negative shock to the monetary system and is unable to quickly replace…

Q: Question 2: Suppose Tom has following perfect substitute preference. Sketch Ollowing curves (good 1…

A: U(q1 , q2 ) = q1 + 2q2  Above utility function represents perfect substitute preferences in which…

Q: 12. Which of the following statements is/are true? a) A change in supply of a good is the result of…

A:

Q: Refer to Table 6.2. Assume that this economy produces only two goods Good X and Good Y. If year 1 is…

A: In an economy real GDP measures the value of the items and services produced in a defined time frame…