In 2003, a single case in Alberta of bovine spongiform encephalopathy, also known as mad cow disease, temporarily shut down export markets for Canadian beef. a. Using firm and industry diagrams, show the short-run effect of declining demand for Canadian beef due to the shutdown of its export markets. Label the diagram carefully and write out in words all of the changes that you can identify. b. Although export markets eventually began to open up later that same year, the demand for Canadian beef remained low. On a new diagram, show the long-run effect of the declining demand. Explain in words.
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- (a) Let the industry producing soybeans be in a long-run equilibrium. What is the equilibrium price of a bushel of soybeans? How many billions of bushels are produced? How many farmers are there in the industry? What is the shipping fee per bushel of soybeans? (b) Suppose that the demand for soybeans drops due to decreased im- port by China and becomes Q = 15.3 − p. In a new long run equilibrium, what is the equilibrium price of a bushel of soybeans? How many billions of bushels are produced? How many farmers are there in the industry? What is the shipping fee per bushel? (c) Calculate the change in the producers’ surplus between the situations described in (a) and (b). (d) Show that the decrease in the producers’ surplus equals to the decrease in the total shipping fees as the industry contracts incrementally from the equilibrium output in (a) to the equilibrium output in (b).Suppose the market of surgical mask in Country D is competitive. а. Assume the market of surgical mask in Country D operates at her long run equilibrium. Draw side-by-side diagrams to show the long run equilibrium conditions for a typical firm producing surgical masks and the market for surgical masks. Label your diagrams clearly. b. Suppose a trade war happens and many other countries refuse to buy surgical masks from Country D. Making use of your diagram in (a), explain its short run effects on the equilibrium price and quantity in the market of surgical masks in Country D, and the output and the profit/loss of a typical firm producing surgical masks in Country D.Please graph what the market looks like with a short decrease in demand and what one firm looks like with a short run decrease in demand. Please make sure to graph your answer with all necessary labeling.
- Explain why firms would or would not worry about future competition in each market. Explain how this would impact each firms profits.The left graph shows the world market for wheat. The right graph shows the cost curves and the marginal revenue curve of an individual wheat farmer at the initial long-run equilibrium. The world population increases. In the left graph, draw the new demand curve. Label it. Draw the market supply curve that returns the wheat market to its long-run equilibrium. Label it. Draw a point to show the new long-run equilibrium price and quantity. In the right graph, draw a point to show the firm's price and quantity in the long run. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A politician argues that the United States should temporarily ban the import of battery-powered electric scooters because this is an "infant industry". According to what we learned in class, which of the following counterarguments would we expect an economist to raise: This temporary ban might become permanent because the electric scooter manufacturers will never become globally competitive. This ban will hurt the wages of manufacturing workers in other countries This ban will increase the price that people in other countries pay for electric scooters This ban will destroy American jobs in the electric-powered-scooter industry
- Most raisins in the U.S. are produced in California. Raisins come from grapes, in a fairly simple process: grapes grow on vines; at harvest time, workers cut the bunches of grapes down; they spread them out in the sun for a couple of weeks until the grapes shrivel up and become raisins; the raisins are then packed into boxes and sold to consumers. But here’s the thing: California raisin growers have a cartel. And it is a legal cartel, based on a law passed in 1937 during the Great Depression. That law says that raisin growers are exempt from U.S. anti-trust law. So here is what the raisin growers do. They harvest their raisins. Then they have a big meeting of all the growers (called the Raisin Administrative Committee). At this meeting they decide how much of their raisin crop they are actually going to sell. Usually they decide that they will not sell their entire crop – in some years they decide that they will only sell half of it. Whatever they don’t sell goes into storage as a…Suppose you run an independent trucking business. You own a tractor trailer for hire. You work with a broker who offers you business to transport various cargos from one location to another. You can choose to take a particular job at the price offered or not. The broker works with many similar truckers. Now suppose that the economy improves as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run, in terms of the market price, output of an individual firm, and market equilibrium quantity? What impact will this have on the firm’s profits? What impact will the increase in manufacturing output have in the long run on each of these variables?In an economy operating under perfect competition, wheat prices and trading volume were in balance at a certain level. Although there is no change in the amount of demand, the balance affected by one of the reasons on the side is wmm m disturbed; caused a decrease in wheat prices in the market. This reason causing the deterioration of the market balance; Which of the following could be? www A. During the production period, a significant seasonal famine arose. B. A significant increase in bread prices in the country; It also had a decreasing effect on wheat prices. A. In the said production period, abundance was experienced in wheat production as a result of the very good season. www D. Income levels of the people in the country have increased. w wwwwww E. There was an unexpected increase in the population of the country and an increase in wheat imports. m
- If the pandemic causes firms in a competitive industry to spend $100,000 per month on safety measures (regardless of the output level), the firms bear this cost in the short-run, but consumers bear it in the long-run. True or false and explain in detail. Use graphs if needed.According to this quote from the UK Guardian newspaper, which of the diagrams best represents the long-run equilibrium of the guar bean industry? "A larger harvest of the crop, which is dependent on desert-like conditions with occasional monsoon rainfall, is likely to put the brakes on sky-high prices next year. Rajasthan's famers are also facing competition from other regions and countries trying to emulate their success. While Rajasthan still accounts for about three-quarters of global production, Pakistanis increasing its crop and guar fams have popped up in neighboring Gujarat province, Africa, Australia and even the oil capital of the world, Texas." A. В. MC MC Price Price MR d ATC ATC ATC P-ATC MR = d Quantity Quantity C. D. MC Price MC Price ATC AVC ATC ATC - MR = d MR=d Quantity Quantity OA. A В. В OC. C D. DThe pen industry is an increasing cost industry. If a pen is an inferior good, and consumer's incomes permanently increase, the equilibrium price of a pen ____ in the long run, the equilibrium quantity of pens ______in the long run, and the number of firms in the market ____ in the long run. Word Bank: Decreases, Decreases, Decreases, Increases, Increases, Increases, does not change, does not change, does not change.