Corn flour is a staple food in South America. With rising inflation, several governments are considering setting a maximum price for corn flour. The current market price of a kilogram of corn flour it $10. a. Suggest a maximum price for a kilogram of corn flour that would be binding and explain why. b. Compare the kilograms of flour traded before the maximum price is imposed and after. Show these two quantities on a graph. Clearly label all axes, curves, and relevant points on the graph. References to these points should be used in the typed portion of your answer. c. Describe the consequences of this policy to consumers of corn flour.

Corn flour is a staple food in South America. With rising inflation, several governments are considering setting a maximum price for corn flour. The current market price of a kilogram of corn flour it $10. a. Suggest a maximum price for a kilogram of corn flour that would be binding and explain why. b. Compare the kilograms of flour traded before the maximum price is imposed and after. Show these two quantities on a graph. Clearly label all axes, curves, and relevant points on the graph. References to these points should be used in the typed portion of your answer. c. Describe the consequences of this policy to consumers of corn flour.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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