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Using demand and supply curves, show how much tax is collected. How would this tax revenue change if the supply curve becomes less elastic?
Under what conditions of demand and supply elasticities will this occur? Under what conditions will little of the tax be passed on to consumers?
Illustrate the effects of the tax on the price and quantity of coffee, labeling the new values as P2 and Q2.
Innovations in seed corn have dramatically increased the productivity of U.S. corn producers. Show the equilibrium price and quantity.
Illustrate the effect of an increase in consumer sensitivity to price by drawing in a new demand curve, D1, that passes through P but is more elastic than D.
Illustrate the effect of an increase in the elasticity of supply by drawing in a new supply curve, S1, that passes through P but is more elastic than S.
How will the change affect the quantity demanded of the item described? How will it affect the demand for substitutes and complements to that item?
What areas in the figure would you use to illustrate the net change in farmers' total revenue as a result of the increase in supply?
How much the diagram would cost the government. By how much would farm income change compared to what it would have been without government intervention?
Review the material presented there and determine to what extent agricultural issues? What role does economics play in the analysis of EU farm policy?
Find a description of some technological change that might affect household production. Explain how production would be affected.
How would you interpret Landes's story about mechanization using the ideas developed in this chapter?
(International Trade) Distinguish between a tariff and a quota. Who benefits from and who is harmed by such restrictions on imports?
(Objectives of the Economic Decision Makers) In economic analysis, what are the assumed objectives of households, firms, and the government?
What are the sources of government revenue in the United States? Which types of taxes are most important at each level of government?
Suppose there is an external cost associated with production of certain good. What's wrong with letting the market determine how much of good will be produced?
What are the disadvantages of the sole proprietorship form of business? Discuss how private markets might break down.
Analyze what factors does a householder consider when deciding whether to produce a good or service at home or buy it in the marketplace?
Explain how production after the Industrial Revolution differed from production under the cottage industry system.
Explain what could change the equilibrium price? What market pressure occurs when quantity demanded exceeds quantity supplied? Explain.
Who are the demanders and who are the suppliers? What are some examples of how changes in supply or demand conditions have affected this market?
If a severe frost destroys some of Florida's citrus crop, would this lead to a shift of the supply curve or a movement along the supply curve?
Analyze what kinds of changes in underlying conditions can cause supply curve to shift? Give some examples and explain the direction in which the curve shifts.
What is the law of supply? Give an example of how you have observed law of supply at work. What is relationship between the law of supply and the supply curve?
(Demand) Explain the effect of an increase in consumer income on the demand for a good.