1 answer

Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same...

Question:

Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same time, farmers revConsider a local Sunday farmers market. Joe, a farmer, packs his small truck full of green peppers every Sunday morning and

Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same time, farmers' revenues have also fallen sharply. What is the reason for this? O a. Total revenue from farming decreased as output increased because demand for most farm products is inelastic. O b. The demand for farm products has declined over the past few decades. O c. Farm price supports have robbed farmers of their income. O d. Supply has increased but become more elastic over time. X
Consider a local Sunday farmers' market. Joe, a farmer, packs his small truck full of green peppers every Sunday morning and heads down to the market. The market is only open for 4 hours and it takes him about 2 hours to drive to the market from his farm. As well, it is not fuel efficient for him to return with any peppers after the market closes. Which of the following best describes Joe's supply curve for any day he is at the market? O a. Relatively elastic. O b. Perfectly elastic. O c. Relatively inelastic. O d. Perfectly inelastic.

Answers

Option A is correct. Because the demand is inelastic, when the supply curve shifts to the right, the decline in the price is more, in percentage, then increase in quantity supplied. The resultant change in revenue is therefore negative because price fall is greater than quantity increase. Also note that when demand is inelastic, revenue decreases with the decrease in price

Option B is correct. Because it is not efficient for Joe to return with any leftover peppers, he must be willing to sell the entire lot at any market price offered.

Due to this reason the supply curve will be perfectly elastic or horizontal.

.

Similar Solved Questions

1 answer
Equity method for stock investment Instructions Chart of Accounts Journal Final Question Instructions Al 6.290.000. Ferrera...
Equity method for stock investment Instructions Chart of Accounts Journal Final Question Instructions Al 6.290.000. Ferrera Corporation acquired 161,000 shares of Tran Corp.common stock as a long term rivestiment. Herrera Cri ses the equity method of accounting for this investment Tran Corp. has 700...
1 answer
In the two-sector specific-factors model, as more labor is added to a sector, we will see:...
In the two-sector specific-factors model, as more labor is added to a sector, we will see: the total product of labor decrease. the marginal product of labor increase. the average product of labor remains constant. the marginal product of labor decrease....
1 answer
14. Drawn below are the structures of three diprotic weak bases: HN HN NH N Piperazine...
14. Drawn below are the structures of three diprotic weak bases: HN HN NH N Piperazine Kb = 5.3 x 10-5 Kb2 = 4.5 x 10-9 1-methylpiperazine Kb1 = 3.7 x 10-5 Kb2 = 1.7 x 10-9 1,4-dimethylpiperazine Koi = 1.4 x 10-5 Kb2 = 4.3 x 10-10 (vii) Determine the pH of a solution formed by dissolving 4.3 g of pi...
1 answer
Write a program that first reads an integer for the array size, then reads double values...
Write a program that first reads an integer for the array size, then reads double values into the array, and displays the number of values greater than the average. Enter array size: 6 Enter a number: 1.1 Enter a number: 2.2 Enter a number: 3.4 Enter a number: 3.9 Enter a number: 5.5 Enter a number:...
1 answer
Need help with my lab please. this is not my entire lab, just the part I...
need help with my lab please. this is not my entire lab, just the part I am having trouble with. Finish Write & Insert Fields Preview Results TABLE 2: Formulas, Drawings & Shapes of Molecules: Chemical Formula Lewis Structure Electron- Group Arrangement Molecular Geometry VSEPR Structure Hyb...
1 answer
R S proper units to physical quantities unless the quantities are unit less For multiple choice...
R S proper units to physical quantities unless the quantities are unit less For multiple choice questions please circle the correct option. Write your student ID and name. Multiple Choice Questions I Type: circle the correct answer. (2 Points Each 16 Points) 1. An incandescent lightbulb is rated at ...
1 answer
CASE STUDIES A 25-year-old woman has returned to a medical/surgical nursing unit following an She has...
CASE STUDIES A 25-year-old woman has returned to a medical/surgical nursing unit following an She has no history of lung disease and is wearing a nasal cannula alert and oriented, with a respirato ry rate of 18 ng oxygen at 3 Umin. She min and a heart rate of 82 beats/min. Her current SpO2 (pulse ox...
1 answer
Draw the influence linee for the force in the mebers that identifies 8 ft 8 ft FIG. P8.54 8 ft 8 ft FIG. P8.54
Draw the influence linee for the force in the mebers that identifies 8 ft 8 ft FIG. P8.54 8 ft 8 ft FIG. P8.54...
1 answer
What type of immunity does a vaccination during childhood provide? What is the advantage of receiving a vaccination...
What type of immunity does a vaccination during childhood provide? What is the advantage of receiving a vaccination?...
1 answer
Prelab Questions: Apparent Molar Mass of Air 1. What is a molar mass (of a compound)?...
Prelab Questions: Apparent Molar Mass of Air 1. What is a molar mass (of a compound)? What are its units? 2. What is the equation for the ideal gas la? What units are typically used? Hint: pressures are typically measured as atmospheres or torr.] 3. Rearrange the ideal gas law to solve for moles (n)...
1 answer
2. The energy of the mass-spring system is given by the sum of the kinetic energy and the potenti...
using matlab help to answer #2 please show steps in creating code 2. The energy of the mass-spring system is given by the sum of the kinetic energy and the potential energy. In the absence of damping, the energy is conserved (a) Add commands to LAB05ex1 to compute and plot the quantity E-m...
1 answer
A school carnival offers a lottery and other games of chance. All people attending the carnival a...
A school carnival offers a lottery and other games of chance. All people attending the carnival are entered into the lottery when they pay the admission fee. The numbered lottery tickets are placed in a bowl, mixed, and removed one at a time from the bowl ("drawn") by a disinterested person....
1 answer
Struggling with this problem, can someone help? On January 1, 2019, Drennen Inc. issue $4.1 million...
Struggling with this problem, can someone help? On January 1, 2019, Drennen Inc. issue $4.1 million face amount of 9 yr, 18% stated rate bonds when market interest rates were 16%. The bonds pay semiannual interest each June 30th and December 31st and mature on December 31, 2027. (Table 6-4, 6-5) a. ...
1 answer
1-Write an efficient algorithm to construct a binary tree from given inorder and postorder traversals.(java only)....
1-Write an efficient algorithm to construct a binary tree from given inorder and postorder traversals.(java only). 2- Apply your proposed algorithm in the previous point to construct the binary tree with the following traversals (java code only):      In order traversal: 9 8 6 1 ...
1 answer
1. Choose a company that you are familiar with and think is interesting. 2. Identify and...
1. Choose a company that you are familiar with and think is interesting. 2. Identify and present the value proposition (answer 2 of the questions from the document) Value Propositions What value do we deliver to the customer? Which one of our customer's problems are we helping to solve? What ...
1 answer
A region R in the xy-plane is given. Find equations for a transformation T that maps...
A region R in the xy-plane is given. Find equations for a transformation T that maps a rectangular region S in the uv-plane onto R, where the sides of S are parallel to the u- and v- axes. (Let u play the role of r and v the role of θ. Enter your answers as a comma-separated list of equations....
1 answer
For this discussion, you are given a list of questions related to form validation. Simply answer...
For this discussion, you are given a list of questions related to form validation. Simply answer the questions in your own words, using complete sentences. 1) Why would you want to disable browser-based validation? 2) Which element event would you use if you wanted to test an element's value, bu...
1 answer
A chef was in a hurry to prepare a meal. He had two pans of the same size: one with a copper bottom, and one with an aluminum bottom. After looking up the specific heat capacity of each metal in his chemistry book, which pan did he use? Why?
A chef was in a hurry to prepare a meal. He had two pans of the same size: one with a copper bottom, and one with an aluminum bottom. After looking up the specific heat capacity of each metal in his chemistry book, which pan did he use? Why?...