Using linear supply and deamnd functions and the above, Ask an Expert

Economics

Production =300 thousand,Producer price = 84cents per dozen,marginal cost of production =77 cents per dozen, Processing and Retailing Margin =33 cents per dozen,demand elasticity =-0.12,supply elasticity =0.50

Q1. Using linear supply and deamnd functions and the above information determine the equilibrium supply and demand if supply management in the industry was removed(but the borders remained closed) .Assume the processing and retailing margin is fixed.

Q.2 calaulate the change in producer and consumer surplus associated with the removal of supply management.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M963957

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