Two drivers tom and jerry

Answer the following questions in a Microsoft Word document and upload to submit. Note that this assignment requires you to express your thoughts and analyses in full sentences and paragraphs (unlike the Quizzes where most questions are multiple-choice).

The first two problems in this set are S&D applications, to confirm your solid understanding of that very important model of economics (S&D) which is tremendously useful in business analyses.

Use the S&D table given for Problem #3 on p. 73 of your textbook to answer the following questions. The table gives supply and demand data for wheat. Determine what effect each of the following would have on the wheat market. (State whether there will be a “shortage” or “surplus” – and specify the proper quantity—or whether there will be “no effect”.)
A price ceiling set at $3.70/bushel
A price floor set at $3.40/bushel
A price ceiling set at $4.60/bushel
A price floor set at $4.30/bushel
A fixed price of $3.40/bushel
Read “Lobbyists Who Want Nothing (Links to an external site.)Links to an external site.” (BusinessWeek, Jan 22, 2007, p72). It gives you an idea of the zany things that can happen when politics interferes with economics. Let’s de-construct the issue, using S&D analysis.
Describe (in terms of S&D graphs) the impact of the sugar import tariffs on the S&D of the sugar market in the US.
Who gain from those tariffs? Who are hurt by those tariffs?
Why is the Sweetener Users Assn. strongly pushing the US government to switch to a subsidy program for sugar instead of the current program? Describe (in terms of S&D graphs for sugar) the effect of a subsidy. [Yes, the answer becomes plain to see if you do a proper S&D analysis.)
Why is the sugar industry against the sugar subsidy program? [Hint: This is mentioned in the article.]
As consumers, how are you hurt by the sugar tariff? And how would you be hurt by the sugar subsidy?