Asap please...... Question 1Record U.S. corn crop, up 24%, is forecast. The USDA reportedthat world corn production will be 9.9 percent greater than lastyear's, while U.S. corn production will be 24 percent larger. Theprice of corn is expected to be 46 percent higher than last year'sprice. Did Starbucks start a pumpkin boom? Ever sinceStarbucks introduced its famed pumpkin spice latte about aDecade ago, pumpkin sales have skyrocketed. The price ofpumpkin increased from $286 per ton in 2000 to $732 per ton in2014 (both prices in 2014 dollars) and the quantity producedincreased from 423,000 tons in 2000 to 657,150 in 2014.Calculate the U.S. price elasticity of supply of pumpkin: Is itssupply elastic?Question 2A survey found that when incomes increased by 10 percent, thefollowing changes in the quantities demanded occurred: springwater up by 5 percent; sports drinks down by 2 percent; cruisesup by 15 percent. For which good is demand income elastic? Forwhich good is income inelastic? Which goods are normalgoods?The table shows the demand and supply schedules forsandwiches. Use the table to work Questions 3 & 4.QuantitydemandedPriceQuantity(dollars persuppliedsandwich) (sandwiches per week)350300250200150100100200Question 3Calculate the equilibrium price of a sandwich, the consumersurplus, and the producer surplus. What is the efficient quantityof sandwiches?Question 4If Sandwiches To Go, Inc., buys all the sandwich producers andcuts pro- duction to 100 sandwiches an hour, what is thedeadweight loss that is created? If Sandwiches To Go, Inc.rations sandwiches to two per person, by what view of fairnesswould the allocation be unfair?

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Question 1 Record U.S. corn crop, up 24%, is forecast. The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price. Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte about a Decade ago, pumpkin sales have skyrocketed. The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic?

Question 1 Record U.S. corn crop, up 24%, is forecast. The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price. Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte about a Decade ago, pumpkin sales have skyrocketed. The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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