Pliny the Younger, who lives in Montreal, has the following indifference schedule for several combinations of X and Y. Combination Quantity of X Quantity of Y a b C d e 20 16 12 10 9 1 2 3 4 5 Approximately how much of Y is Pliny the Younger willing to give up to obtain the twelfth unit of X?

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Part I The headline about Russian wheat suggests the market is broken. Illustrate the supply and demand for Russian wheat indicating the price in relation to equilibrium. Explain why the market is "broken," and what needs to occur to fix the market. Russian wheat trade falls silent as price floor leaves market 'broken' HIGHLIGHTS Russian wheat not offered below $275/mt since late March Government believed to have intervened to support prices, farmers Traders assess pricing power of Russian state in global market Part II Derive the demand and supply functions using the numbers in the table and calculate equilibrium price and quantity. Graph supply and demand and indicate equilibrium price and quantity. The government wants to help sugar consumers by setting the price at $2.50. Explain the outcome (in terms of Q and D) and your advice in this situation. Illustrate the effect on the same graph and be sure to indicate price and quantities. Price/bag Quantity demanded (bags of sugar)…