Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

The government has set a price floor on bread

11/11/2021 Client: muhammad11 Deadline: 2 Day

Economics

1. [1 point] In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price above the market price.

a) Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor?

b) What kinds of inefficiencies were likely to have arisen when the controlled price of bread was above the market price? Explain in detail.

One year during this period, a poor wheat harvest caused a leftward shift in the supply of bread and therefore an increase in its market price. New York bakers found that the controlled price of bread in New York was below the market price.

c) Draw a diagram showing the effect of the price control on the market for bread during this one - year period. Did the policy act as a price ceiling or a price floor?

d) What kinds of inefficiencies do you think occurred during this period? Explain in detail.

2. [1 point] For the last 70 years the U.S. government has used price supports to provide

income assistance to American farmers. To implement these price supports, at times the government has used price floors, which it maintains by buying up the surplus farm products. At other times, it has used target prices, a policy by which the government gives the farmer an amount equal to the difference between the market price and the target price for each unit sold. Consider the market for corn depicted in the accompanying diagram.

a) If the government sets a price floor of $5 per bushel, how many bushels of corn are

produced? How many are purchased by consumers? By the government? How much does the program cost the government? How much revenue do corn farmers receive?

April 28, 2019

b) Suppose the government sets a target price of $5 per bushel for any quantity supplied up to 1,000 bushels. How many bushels of corn are purchased by consumers and at what price? By the government? How much does the program cost the government? How much revenue do corn farmers receive?

c) Which of these programs (in parts a and b) costs corn consumers more? Which program costs the government more? Explain.

d) Is one of these policies less inefficient than the other? Explain.

3. [1 point] The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting.

a) Using the midpoint method, calculate the price elasticity of demand when the price of

a T-shirt rises from $5 to $6 and the average tourist income is $20,000. Also calculate it when the average tourist income is $30,000.

b) Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000

4. [1 point] The price elasticity of supply for plastic bags is 0.5 at the current price of $10 per plastic bag and the current consumption level of 4000,000 plastic bags. Calculate the change in the quantity supplied when price rises by $1.

5. [1 point] ​A theatre is experiencing a decline in the number of tickets sold and thus a decline in revenues. The price of an entrance ticket is $20 and on average, 2,500 tickets are sold on a daily basis. Currently, the price elasticity of demand is estimated to be 1.5 and each the rooms are currently operating at an average of 75 percent of capacity. Which of the following strategy will help to increase the theater's revenues and profits.

a) a 10% increase in the price of a ticket. b) an advertisement as a marketing strategy c) A combination of both strategies a and b. d) a 10% decrease in the price of a ticket.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Assignment Helper
Quality Homework Helper
Engineering Exam Guru
Top Rated Expert
Solutions Store
Coursework Helper
Writer Writer Name Offer Chat
Assignment Helper

ONLINE

Assignment Helper

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$34 Chat With Writer
Quality Homework Helper

ONLINE

Quality Homework Helper

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$30 Chat With Writer
Engineering Exam Guru

ONLINE

Engineering Exam Guru

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$37 Chat With Writer
Top Rated Expert

ONLINE

Top Rated Expert

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$46 Chat With Writer
Solutions Store

ONLINE

Solutions Store

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$36 Chat With Writer
Coursework Helper

ONLINE

Coursework Helper

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$19 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Trading my sorrows lyrics - Planets my very elderly mother - Fish tycoon 2 magic fish breeding chart pictures - Journal Assignment 6 - PHILOSOPHY Here and Now - The term "micro-macro dilemma" means that: - What is a dot on stuffdot - Sampleby pyspark - W3D1 - Smart format for nursing goals - 501 don hugo dr edinburg tx 78542 - Parts of ladder diagram - Module 01 Lab 01 - Uncertainty, Measurements, and Significant Figures - Short reaction essay (2 pages double-spaced, 12 point font) - Discussion Question: World View - 5 math problems due in 3 hours - Eco pentagon sdn bhd - Coil machine set up - T model small signal - Australian industry participation plan - Homework Topic One - Managerial Epidemiology Week 1 project - Extreme switch console settings - Criminal procedure - Washington state university accounts receivable - Kotara bears senior rugby league - RESEARCH PAPER - Chapter 6 study guide entrepreneurship and small business management answers - Tennessee v garner case brief - Acid base titration discussion of theory - Techno structural interventions case study - Integrated petroleum geoscience aberdeen - Global bike inc case study journal entries - Student parking permit newcastle - Queensland plumbing and wastewater code - International Business 4 - How to become a genetic counsellor australia - Ceres gardening case - Child development stages chart 0-16 years - Http learn genetics utah edu content addiction mouse - Organizational behavior 13th edition uhl bien pdf - Boeing ethical business conduct guidelines - 176 sunrise circle mooresville nc - Reading comprehension with questions and answers pdf - Dui checkpoints tonight illinois 2019 - Nineteen measures of solvency and profitability - Discussion 3 - How to separate salt from sand - Week 5 MAT 510 - All souls chapter summary - Post-mortem - Shprintze fiddler on the roof - Gravimetric determination of chloride in a soluble sample lab report - 4 10b the biggest circle puzzle answers - Cold lay tarmac jewsons - English essay - European society for trauma and dissociation - Study link 5.7 decimal comparisons - Discussion - Writing an eassy with outline - The Learner - Consider a monopolistically competitive market with n firms - Proving properties of parallelograms - Danebridge medical centre northwich - Dumfries and galloway royal infirmary consultants - Termite trails lab - 1 4 bsw tap drill size - A race car driver must average - 5 basic performance objectives - 2 chloro 3 3 dimethylbutane - Strategic positioning attempts to achieve sustainable competitive advantage by - Mother inferior hanna rosin - Assignment 5 professional cover letter - Aggressive marketing in the context of format wars - General ledger order of accounts - Radial gutter splint application - Cell homeostasis virtual lab worksheet answers - Absorption costing unit product cost - How you put people together affects? - English Homework - E491 halal or not - Admission essay writing service - Abnormal psychology discussion questions - Application of milios framework for prevention - Distance from venus to the sun in miles - Enthalpy of formation questions - Butl_ Learnign Feamework - The essence of a broad differentiation strategy is to - Sales of people magazine are compared over a 5-week period at four borders outlets in chicago. - Finite state machine testing example - Aggregate demand and aggregate supply quiz - Business - Individual Learning Project - Disneyland paris financial report - Which of the following calculations multiplies 23 by 0.01 - Electronic warfare fundamentals ppt - See the questions below - Disney swot analysis 2016 - Schizophrenia soap note - Example of 6x6 rule powerpoint - Nursing Discussion