Suppose ment decides to promote the consumption of broccoll in the community. The goal is to ensure that each resident eats at least 3 pounds of broccoli per week. Consider only a single representative consumer, who purchases some broccoli at market prices and would purchase 3 pounds of broccoli if either the price were low enough or income were high enough. Assume broccoli is a good, characterized by the usual smooth, convex indifference curves. Assume further that whatever the government does has no effect on the market price for broccoli (this is a small community). The proposals are: I.) Broccoli subsidies. The consumer is to be given discount coupons good only for the purchase of broccoli. The discounted price is set so that the consumer will purchase 3 pounds. II.) Direct cash payments, which can be used to purchase anything. The cash is enough to raise the consumer's income to the point where he will buy 3 pounds of broccoli. III.) Public broccoli distribution. The government will give away three pounds of broccoli to each consumer. Resale is prohibited. a. Draw and explain the income and substitution effects of each of the three plans, and their effects on broccoli consumption.

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Panther Acre Cattle Company - Chapter 7 Lab A typical farm or ranch problem is determining the optimum or profit-maximizing weight to sell fed cattle. Assume the feeder cattle are purchased at 600 pounds. The feed required and the weight gain is shown in the table below. Feed costs 7¢ per pound and feeder cattle prices are as follows: Weight Price per Pound 600-899 lbs 72¢ go to 3rd 900-1099 lbs decimal 1100 lbs or more 70¢ Point 67¢ Pay attention to the price changes when computing MVP. Input Output Feed Weight Selling Required Gain Weight Total Average Marginal Marginal Marginal Revenue Physical Physical Value Input (lbs) (lbs) (lbs) Product Product Product Cost 600 0 0 600 432 XXX XXX XXX XXX 500 50 So 650 468 0.10 0.083 1,100 145 as 745 536.40 0.132 6.158 1,700 235 aol 835 601.20 0.138 0.15 2,300 320 85 920 644 0.139 2,900 400 80 1,000 700 0.138 3,500 465 65 1,065 745, 50 0.133 4,100 525 60 1,125 753.75 0.128 4,700 575 SO 1,175 787.25 0.122 5,300 615 40 1,215 814.05 0.116 5,900 645…

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