Imagine that a dairy farmer is willing to provide milk to the market on the basis of the supply schedule shown in the table below Supply of Milk Quantity of Rilk Supplied (thousands of gallons) Price D (dollars per gallon) Pre-Subsidy Post-Subsidy $3.00 B 2.50 7 2.00 6 1.50 S 1.00 4 Instructions: Round your answers to 2 decimal places. Suppose the federal government proposes a subsidy for all milk produced that results in a 20% increase in the quantity supplied of milk at every price. a Fill in the "Post-Subsidy column in the table after the subsidy takes effect. b Graph the pre-subsidy and post-subsidy supply curves for the milk market Instructions: Use the tools provided 'Pre-subsidy and Post-subsidy to plot each line point by point (5 points each) 6 Navt Pre-subsidy Post subsidy Joines 010141 Price (dollars per gallon) 28327938 35 3.0 2.5 20 1.5 1.0 0.5 0.0 5 6 2 8 9 Quantity (thousands of gallons) c. At a market price of $2 per gallon, the pre-subsidy quantity supplied was the subsidy is thousand gallons 10 Check my work Check my work thousand gallons and the quantity supplied after

Imagine that a dairy farmer is willing to provide milk to the market on the basis of the supply schedule shown in the table below Supply of Milk Quantity of Rilk Supplied (thousands of gallons) Price D (dollars per gallon) Pre-Subsidy Post-Subsidy $3.00 B 2.50 7 2.00 6 1.50 S 1.00 4 Instructions: Round your answers to 2 decimal places. Suppose the federal government proposes a subsidy for all milk produced that results in a 20% increase in the quantity supplied of milk at every price. a Fill in the "Post-Subsidy column in the table after the subsidy takes effect. b Graph the pre-subsidy and post-subsidy supply curves for the milk market Instructions: Use the tools provided 'Pre-subsidy and Post-subsidy to plot each line point by point (5 points each) 6 Navt Pre-subsidy Post subsidy Joines 010141 Price (dollars per gallon) 28327938 35 3.0 2.5 20 1.5 1.0 0.5 0.0 5 6 2 8 9 Quantity (thousands of gallons) c. At a market price of $2 per gallon, the pre-subsidy quantity supplied was the subsidy is thousand gallons 10 Check my work Check my work thousand gallons and the quantity supplied after

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.7: A Market Supply And Demand Analysis

Problem 1YTE

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

M10

Imagine that a dairy farmer is willing to provide milk to the market on the basis of the supply schedule shown in the table below
Supply of Milk
Quantity of Milk Supplied
(thousands of gallons)
D
Price
(dollars per
gallon)
Pre-Subsidy
Post-Subsidy
$3.00
B
2.50
7
2.00
6
1.50
S
1.00
4
Instructions: Round your answers to 2 decimal places.
Suppose the federal government proposes a subsidy for all milk produced that results in a 20% increase in the quantity supplied of
milk at every price.
a. Fill in the "Post-Subsidy column in the table after the subsidy takes effect.
b. Graph the pre-subsidy and post-subsidy supply curves for the milk market.
Instructions: Use the tools provided 'Pre-subsidy and Post-subsidy to plot each line point by point (5 points each)
a
Navt
Pre-subsidy Post subsidy
010141
Price (dollars per gallon)
22322228
3.5
3.0
2.5
20
1.5
1.0
0.5
0.0
10
5
6
2
8
9
Quantity (thousands of gallons)
c. At a market price of $2 per gallon, the pre-subsidy quantity supplied was
the subsidy is
thousand gallons
Check my work
Check my work
thousand gallons and the quantity supplied after

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