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- Analyse how an increase in wages can conflict with the government objectives of price stabilityS S p' p* D Y* X' X* →数量 M The supply function and demand function of a certain agricultural product are as follows: S=2p- 40, D=-2p+120. p is the unit price. Let's assume that the home country is a small country. The international price of the product is P*=25. The government then decides to impose restrictions on the import quantity of this product and the limited amount is ='-' (see the graph). In an open economy situation, when M=40, please answer questions 15-18.15. Please calculate the consumer surplus of this country. 16. Please calculate the producer surplus of this country. 17. Please calculate the total surplus of this country. 18. Please calculate the deadweight loss of this country.Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3,244 - 283P. Of this, total domestic demand was Qn = 1700 - 107P, and domestic supply was Qs = 1,944 + 207P Suppose the export demand for wheat falls by 50 percent. U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? The free-market price of wheat in the United States after the drop in export demand is $1.31. (Enter your response rounded to two decimal places.) Do famers have much reason to worry? O A. Farmers have reason to worry because the equilibrium quantity decreases from 3,492.55 million bushels to 2,215.17 million bushels. O B. Farmers have reason to worry because the market price for wheat decreases from $3.65 per bushel to $1.31 per bushel. OC. Farmers have no reason to worry because the equilibrium quantity decreases from 2,592.55 million bushels to 2,215.17 million bushels. O…
- An increase in population tends to Answer increase in both equilibrium price and quantity. decrease in both equilibrium price and quantity. increase equilibrium price and decrease equilibrium quantity. increase equilibrium quantity and decrease equilibrium price.Shortages normally accompany an effective price floor. True FalseWhy is there a price hike in sugar in the Philippines?
- An increase in the population of a country will cause the demand curve to shift outward and supply to increase. true or falseGovernment price controls like price ceilings and price floors will still lead to equilibrium between demand and supply. True or FalseThe estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = _____ Interpret your answer. The demand is going down/up by ____ % per 1% increase in price at that price level. Thus, a large price decrease/increase is advised. (b) At what price will revenue be a maximum? ____ hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) ______ paint-by-number sets per month
- Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3385 - 270P: where, domestic demand is Qdd = 1442 - 144 P; export demand is Qe = 1943 - 126 P supply is Q, = 1601 + 195 P. (Note: total demand, Q = Qd + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places. (b) Suppose, due to the recent pandemic, the export demand for jute falls by 57 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $5.5 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places.Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3290 - 301P; where, domestic demand is Qdd = 1438 - 135 P; export demand is Qe = 1852 - 166 P supply is Qs = 1617 + 187 P. (Note: total demand, Q = Qdd + Qe) (a) What is the equilibrium market price of jute? (b) Suppose, due to the recent pandemic, the export demand for jute falls by 60 percent. What happens to the price of jute in Bangladesh? (c) Now suppose the BD government wants to buy enough jute to raise the price to $5.7 per unit. With this drop in export demand, how much jute would the government have to buy? (d) How much would this cost the government?U = X^3 * Y Find demand for X and Y